| 主讲人简介： | 多伦多大学罗特曼商学院金融学讲席教授，康奈尔大学经济学博士，主要研究领域为金融市场、资产定价和行为金融。杨教授是Fellow of the Accounting and Economics Society、Fellow of Cornell FinTech Initiative以及Fellow of Luohan Academy。其学术成果发表在众多顶级学术期刊，如Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, Review of Financial Studies，《经济研究》等。杨立岩教授目前担任Journal of Financial Markets的联合主编(co-editor)。杨教授还担任Journal of Economic Theory, Management Science和Journal of Dynamic and Economic Control多本期刊的副主编(associate editor)。其学术研究获得众多科研奖项，如2016 JFQA William F. Sharpe Award for Scholarship in Financial Research, the 2016 Bank of Canada's Governor's Award, 2015 Roger Martin Award for Excellence in Research等。 |
| 讲座简介： | We study the observability of investors’ information-acquisition activities in €financial markets. Improving this observability leads to two strategic effects on information acquisition:(i)the pricing effect arises from interactions between investors and the market maker, which can encourage or discourage information acquisition; and (ii) the competition effect concerns interactions amongst investors and always encourages information acquisition. We apply our theory to study voluntary and mandatory disclosures of corporate site visits. When the competition effect dominates, investors are likely to voluntarily disclose their visits. When the pricing effect dominates, mandatory disclosure is effective in changing information acquisition and market quality. |
