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数字金融Workshop: State versus Market: Information Discovery in a Hybrid Economy
发布日期:2023-07-03 12:00 来源:
第十五讲 State versus Market: Information Discovery in a Hybrid Economy
时间:7月3日周一 北京时间 上午10:00-11:30
Time: Monday 3 July 2023,10-11:30 a.m. Beijing time
地点/Venue:
线下:北京大学国家发展研究院(承泽园校区)131教室(校外人员线下参加,请扫描邮件下方二维码填写信息,申报入院)
主讲人/Speaker: 熊伟 Wei Xiong
主持人/Host:胡佳胤 Jiayin Hu
摘要/Abstract:
Motivated by China's hybrid economy, we explore how state interventions may complement or interfere with private firms' investment and information acquisition decisions. In our model, the government chooses public investment based on its private, noisy signal and a market-based signal about economic fundamentals. Firms allocate their limited attention to acquiring information about the fundamental and/or the noise in the government’s signal. When the government's investment response to its signal is modest, firms focus on acquiring information about the fundamental, allowing market-based information discovery to inform both the government's and the firms' decisions. However, when the government’s response is sufficiently strong, it can divert firms' attention towards learning only the government noise. Interestingly, a modest divergence in the government’s objective from market participants’, possibly because of internal agency frictions, can prompt the government to choose to dominate the market rather than allow it to perform its role in information discovery.
主讲人介绍/Biography:
WEI XIONG is John H. Scully '66 Professor in Finance and Professor of Economics in the Department of Economics and Bendheim Center for Finance, Princeton University. He is also Academic Dean of School of Management and Economics, Chinese University of Hong Kong, Shenzhen, as well as Research Associate of the National Bureau of Economic Research. His research interests center on capital market imperfections, behavioral finance, digital economy, and China’s financial system. He has served as Co-Editor of Journal of Finance (the flagship journal of American Finance Association) from 2016-2022. He has received various awards, including 2018 China Economics Prize,2014 Inaugural Sun Yefang Financial Innovation Award,2013 NASDAQ OMX Award by Western Finance Association, and 2012 Smith Breeden Award (first prize) by American Finance Association. He received his Ph.D. in finance from Duke University in 2001, M.A. in physics from Columbia University in 1995, and B.S. in physics from University of Science and Technology of China in 1993.
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