浙大经院海外志学论坛(Oversea Scholar Forum No.1) 叶智强:Information Technology, Competition for Attention, and Corporate Efficiency

发布日期: 2024-01-16 来源: 10

主 讲 人:叶智强  IESE商学院金融管理系博士

主持人:朱燕建 浙大经院 金融学系任主任、教授

时间:20240119日(周五)上午10:00-11:30

地点:8868体育平台(中国)官方网站,530

摘要:I study the impact of information technology (IT) in a model where stock prices aggregate speculators' information and guide firms' investments. A firm with higher exposure to its risky production project attracts more information from speculators. IT progress (i.e., lowering information costs) improves stock price informativeness and corporate efficiency when information is costly. Yet, when information is inexpensive, speculators use up their limited attention. Then IT improvements can backfire: Firms excessively increase risky project exposure to engage in zero-sum competition for attention, reducing corporate efficiency and social welfare. Raising firms' growth opportunities can reinforce the adverse effects of IT progress.

演讲人简介:叶智强是IESE商学院金融管理系的博士(在读)。他的研究领域为金融中介,金融科技,以及金融市场信息。他在西南财经大学取得学士学位,在中国人民大学取得硕士学位 。他的研究曾发表于Journal of Banking and Finance。他的论文多次被国际知名学术会议接收,并且当前有一篇论文获得金融学顶级期刊 Journal of Financial Economics “修改再投