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应用金融Seminar 2019-01:邱志刚(中国人民大学)

一分快三 www.cbdfuwu.com 报告题目:Institutionalization, Delegation, and Asset Prices

报 告 人:邱志刚

报告时间: 2019年04月17日(周三)14:00-16:00

报告地点:博学楼312室

主办单位:应用金融与行为科学学院

【报告人简介】

邱志刚,中国人民大学汉青经济与金融高级研究院副教授,副院长。在东北财经大学取得学士学位,在利兹大学取得硕士学位,在伦敦政治经济学院取得硕士和博士学位。2011年至今任教于中国人民大学,为本科、硕士及博士讲授资产定价理论、金融风险分析、投资学、数理经济学、金融主文献等课程。研究兴趣包括代理投资组合管理、资产定价理论及金融科技。邱志刚博士曾发表多篇国际期刊论文,并且以独立作者身份在国际顶级期刊Journal of Financial and Quantitative Analysis发表高水平论文。

【内容简介】

We study the effects of institutionalization on fund manager compensation and asset prices. Institutionalization raises the performance-sensitive part of the equilibrium contract, which makes institutional investors effectively more risk averse. Institutionalization affects market outcomes through two opposing effects. The direct effect is to bring in more informed capital, and the indirect effect is to make each institutional investor trade less aggressively on information through affecting the equilibrium contract. When there are many institutions and little noise trading in the market, the indirect contracting effect dominates the direct informed capital effect in determining market variables such as the cost of capital, return volatility, price volatility, and market liquidity. Otherwise, the direct informed capital effect dominates.

撰稿:于源 审核:史永东 单位:应用金融与行为科学学院

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