讲座主题：Disclosure, Competition, andLearning from Asset Prices

主讲嘉宾👨🏽‍🎨：杨立岩（加拿大多伦多大学罗特曼商万泰教授）

讲座时间：2018年12月21日（周五）👯，下午14：00-15♣️：30

讲座地点🧖🏻‍♀️：沙河校区1号楼201

嘉宾简介🤏🏿：杨立岩🐐🙆🏼‍♂️，康奈尔大学经济学博士👳‍♂️，现任多伦多大学罗特曼商万泰金融学教授👮🏻‍♂️。

研究领域为金融市场、资产定价和行为金融。担任多个经济学、金融学⏯、管理学顶级期刊杂志副主编，包括：Journal of Economic Theory🧑🏿‍🔬，Journal ofFinance，Journal of Financial Markets，Management Science。他的学术成果发表在顶级国际学术期刊🧞‍♀️🦴，如Journalof Economic Theory, Journal of Financial Economics, Journal of Finance和Review of Financial Studies等。

因其卓越的研究荣获诸多奖项，如2016年度JFQA William F. Sharpe Award、2016年加拿大银行州长奖、2015年RogerMartin奖等🛕。  

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.

本讲座获得2018年万泰招商专题学术讲座项目资助。