講座題目：Golfing forInformation: Social Interactions and Economic Consequences

主講人：張笑語，新加坡國立大學房地産系博士

講座時間：2019年11月1日（周五），下午1:30-3:00

講座地點：沙河主教407

嘉賓簡介：張笑語，新加坡國立大學房地産系博士。本科畢業于bevictor伟德官网管理科學與工程學院。研究方向：城市經濟學，家庭金融，應用微觀經濟學。研究成果被SFS Cavalcade, AREUEA-ASSA, AFA等頂級國際會議接收。

内容摘要：This paper studiescompany directors’use of information acquired through socialinteractions at golf courses to subsequently acquire land parcels at lowerprices. Developers play golf together more often after the government land saleannouncement. We find evidence rejecting the collusion hypothesis. The winningbids are 14% lower after interacting with other corporate directors, and thelower land prices allow developers to sell new units 9% cheaper. However, thelower land prices by informed bidders generate negative spillovers onneighboring properties. Our results imply that social interactions enabledevelopers to realize higher profits, while the government loses land salerevenues.