講座主題：Disclosure, Competition, andLearning from Asset Prices

主講嘉賓：楊立岩（加拿大多倫多大學羅特曼商學院教授）

講座時間：2018年12月21日（周五），下午14：00-15：30

講座地點：沙河校區1号樓201

嘉賓簡介：楊立岩，康奈爾大學經濟學博士，現任多倫多大學羅特曼商學院金融學教授。

研究領域為金融市場、資産定價和行為金融。擔任多個經濟學、金融學、管理學頂級期刊雜志副主編，包括：Journal of Economic Theory，Journal ofFinance，Journal of Financial Markets，Management Science。他的學術成果發表在頂級國際學術期刊，如Journalof Economic Theory, Journal of Financial Economics, Journal of Finance和Review of Financial Studies等。

因其卓越的研究榮獲諸多獎項，如2016年度JFQA William F. Sharpe Award、2016年加拿大銀行州長獎、2015年RogerMartin獎等。  

内容摘要：This paper studiesinformation sharing in a duopoly product market in which firms learninformation from asset prices. By disclosing information, a firm incurs aproprietary cost of losing competitive advantage to its rival firm but benefitsfrom learning from a more informative asset market. Learning from asset pricescan dramatically change firms’disclosure behaviors: without learning fromprices, firms do not disclose at all; but with learning from prices, firms canfully disclose their information. Firms’disclosure decisions can exhibitstrategic complementarity, which leads to both a disclosure equilibrium and anondisclosure equilibrium.

本講座獲得2018年bevictor伟德官网專題學術講座項目資助。