报告题目：To Dissimulate or Not to Dissimulate? Insider Trading When Anticipating Future Information
报告嘉宾：杨立岩 多伦多大学
报告时间：2024年8月26日(周一) 15:00-17:00
报告地点：中国科学院大学中关村校区教学楼S406
内容摘要
We analyze a model of a monopolistic informed trader who receives private information sequentially and faces a post-trading disclosure requirement. We show that this trading game is mathematically equivalent to a consumption-saving problem with a borrowing constraint. The insights from the consumption-saving literature can be adapted for the informed-trading model. For example, the informed investor smooths his information usage over time (''consumption-smoothing''); utilizes less of his current information if he expects less future information (''saving for rainy days'') or if there is more uncertainty about his future information advantage (''precautionary saving''). Various applications are analyzed.
主讲人简介
杨立岩，康奈尔大学经济学博士，其主要研究领域为金融市场、资产定价和行为金融。杨立岩教授目前担任Journal of Financial Markets和Journal of Economic Dynamics and Control的联合主编（co-editor), 同时担任Journal of Economic Theory和Management Science的副主编（Associate Editor）。他是以下机构的会士（Fellow）：加拿大央行、美国会计学会、康奈尔金融科技中心以及阿里巴巴罗汉堂。其学术成果发表在众多国际学术期刊，如 Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, Review of Financial Studies,《经济研究》等。其学术研究获得众多科研奖项，例如2023 Bank of Canada Fellowship, 2016 JFQA William F. Sharpe Award for Scholarship in Financial Research, the 2016 Bank of Canada’s Governor’s Award, 2015 Roger Martin Award for Excellence in Research等。
