报告题目：Financial data technology, information production and extraction, and the real economy

报 告 人：秦振江

时   间：2022年5月4日（星期三）15:00-17:00

腾讯会议：98463476732

报告人简介：

秦振江博士，现为澳门大学工商管理学院助理教授。他先后毕业于中南大学数学专业，获理学学士和硕士学位，于丹麦奥胡斯大学获得金融学硕士和博士学位。秦振江博士在加入澳门大学之前曾任西南财经大学金融研究院副教授。他在资产定价和公司金融等方面的工作已发表在包括金融会计类期刊《The Accounting Review》、《Journal of Banking and Finance》、《Finance Research Letters》、《Journal of Real Estate Finance and Economics》、《Corporate Governance: An International Review》和《Review of Quantitative Finance and Accounting》等学术期刊。

报告摘要：

We extend a benchmark model in Farboodi and Veldkamp (American Economic Review, 2020, V110: 2485-2523.) to an analytically tractable setting with production functions. We find that price elasticity of demand, known as an important determinant of firms' production decisions, also plays a crucial role in determining investors' decision on allocating resources for producing information on real product demand and extracting information on order-flow data. The equilibrium financial asset price informativeness, investors’ trading volume, and information extraction (the investors’ perceived payoff variance and information production) are bell-shaped (inverted bell-shaped) with respect to price elasticity of demand, when the firm faces both uncertainty on its product demand and productivity. We also find that the price informativeness and the firm's expected profit increase in financial data technology.

经济与金融学院

2022年4月22日