FINTECH THRUST PUBLIC SEMINAR | Information and Fragility in Finance
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Information and Fragility in Finance
Abstract:
Fragility in financial markets occurs when market prices react strongly to underlying shocks, whether fundamental or nonfundamental. Many episodes throughout financial history have illustrated this, both market-wide and asset-specific, often causing significant concern. Using a canonical framework of financial market trading, we explore the forces that generate fragility, including investor learning from prices while making trading decisions and strategic complementarities among investors that counteract price-induced strategic substitutes. We will also discuss the informativeness and volatility of prices and their connection to market fragility.
Professor Liyan Yang is a Professor of Finance and holds the Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy at the Rotman School of Management, University of Toronto, with a cross-appointment in the Department of Economics. He earned his Ph.D. in Economics from Cornell University in 2010. His research interests span financial markets, institutions, behavioral finance, data economics, and the digital economy. He has received the Bank of Canada Fellowship Award and the Bank of Canada Governor’s Award. Professor Yang currently serves as a co-editor at the Journal of Financial Markets and Journal of Economic Dynamics and Control and is an associate editor for Journal of Economic Theory and Management Science. He has also served as an associate editor for Journal of Finance, Journal of Financial Markets, and Journal of Economic Dynamics and Control. Professor Yang is a senior fellow of the Asian Bureau of Finance and Economic Research (ABFER) and holds fellowships at the Accounting and Economics Society, Cornell FinTech Initiative, Luohan Academy, and UIUC Office for Futures and Options Research. His work has been published in top journals, including Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies.