| 主讲人 |
Siguang Li |
简介 |
<p>Advancements in information technology have enabled traders to access a wider array of signals beyond fundamentals. We investigate the joint monopolistic sale of fundamental and non-fundamental data. Non-fundamental data, which contain signals about noise trading, promotes predatory trading, as informed traders hide orders within noise trades. This exacerbates adverse selection and harms market depth. We find that a monopolistic data seller, due to the strategic substitutability of data acquisition, partially internalizes this negative externality. Compared to a competitive market, data monopoly enhances market depth but reduces informational efficiency. This theoretical prediction is supported by empirical findings. We test this pattern using China's first financial data anti-trust intervention as a quasi-natural experiment. The analysis confirms the intervention improved price informativeness but reduced market liquidity, highlighting this policy trade-off.</p> |
| 时间 |
2025-11-14 (Friday) 16:40-18:00 |
地点 |
Room N302, Economics Building |
| 讲座语言 |
English |
主办单位 |
厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院 |
| 承办单位 |
厦门大学经济学院金融系 |
类型 |
系列讲座 |
| 联系人信息 |
陈老师xiaohongchen@xmu.edu.cn |
主持人 |
Xiaoran Huang |
| 专题网站 |
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专题 |
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| 主讲人简介 |
<p>Dr. Li Siguang is an Assistant Professor in the FinTech Thrust at The Hong Kong University of Science and Technology (Guangzhou), and an External Expert at Cornell University's Digital Finance Lab. He served as a Visiting Scholar under the PER Fellowship at Columbia University from 2016-2017, and as a Lecturer at Southwestern University of Finance and Economics from 2013-2017. He obtained his Ph.D. in Economics from Cornell University in 2022, under the supervision of Professors Yongmiao Hong, Lin Cong, and Robert Jarrow. He leads projects funded by the National Natural Science Foundation of China, including general and youth projects. His research primarily focuses on financial economics, fintech and digital economy, information economics, industrial organization, and social media. He has published multiple high-level papers in domestic and international journals, such as Journal of Economic Theory, International Economic Review, Economic Research Journal（经济研究）, and Journal of Corporate Finance.</p>
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期数 |
厦门大学金融名家论坛2025-2026学年秋季学期第2讲（总第85讲） |
