Fintech Thrust Seminar | Technology-Driven Intermediation

4:30pm - 6:00pm
W1, 1F, Room 101

Technology-Driven Intermediation

Abstract: 

Abstract: The paper provides a theory that examines the creation and distribution of assets, focusing on the role of market-illiquidity-based disciplining to facilitate the trading of assets affected by adverse selection. The direct trading economy suffers from two inefficiencies, namely production and allocative inefficiencies, which can be addressed through the emergence of intermediaries as a market solution. The welfare implications of intermediaries depend on the level of information technology development. Informed intermediaries enhance social surplus, while uninformed intermediaries may harm it. The model also considers a long-term scenario, where agent occupation choice is endogenous. The study reveals that the intermediary sector may experience either insufficient or excessive entry, depending on the level of information technology development.

Venue Opening Hour
4:30pm-6:00pm
Event Format
Speakers / Performers:
Prof. Zhiguo HE
University of Chicago

Professor Zhiguo He is a financial economist whose expertise covers financial markets, financial institutions, and macroeconomics broadly. He is also conducting academic research on Chinese financial markets, and writing academic articles on new progress in the area of cryptocurrency and blockchains.

His research has been published in leading academic journals in finance and economics. After serving as associate editors for several leading academic journals, He served as the guest editor of the Review of Finance “Special Issue on China” and currently serves as the editor of the Review of Asset Pricing Studies.

Professor He received his bachelor and master degrees from the School of Economics and Management at Tsinghua University before receiving his PhD from the Kellogg School of Management at Northwestern University in 2008. He has been named a 2014 Alfred P. Sloan Research Fellow, and has won numerous awards for his outstanding scholastic record, including the Lehman Brothers Fellowship for Research Excellence in Finance, the Swiss Finance Institute Outstanding Paper Award, the Smith-Breeden First Prize, and the Brattle Group First Prize. Before joining the Chicago Booth faculty in 2008, he worked as a stock analyst at the China International Capital Corporation in Beijing in 2001 and visited the Bendheim Center for Finance at Princeton University as a post-doctoral fellow.

In Autumn 2015 Professor He was the Dean’s distinguished visiting scholar at Stanford University, Graduate School of Business, and in winter 2020 he is a visiting professor of finance at Yale University, School of Management. In January 2020, he testified at U.S.-China Economic and Security Review Commission (USCC) Hearing on “China’s Quest for Capital: Motivations, Methods, and Implications.”

Language
English
Recommended For
Faculty and staff
PG students
UG students
Organizer
Society Hub, HKUST(GZ)
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