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学院教授）

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学院金融学教授。

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年中央财经大学专题学术讲座项目资助。