讲座题目：Golfing forInformation: Social Interactions and Economic Consequences

主讲人：张笑语，新加坡国立大学房地产系博士

讲座时间：2019年11月1日（周五），下午1:30-3:00

讲座地点：沙河主教407

嘉宾简介：张笑语，新加坡国立大学房地产系博士。本科毕业于中央财经大学管理科学与工程学院。研究方向：城市经济学，家庭金融，应用微观经济学。研究成果被SFS Cavalcade, AREUEA-ASSA, AFA等顶级国际会议接收。

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.