岭南学术论坛－金融学系列Seminar－Information Diffusion and Speed Competition

岭南学术交流会（金融系）

报告题目：Information Diffusion and Speed Competition

报 告 人：何学中（悉尼科技大学 教授）

主 持 人：曾燕（中山大学岭南学院 教授）

时     间：2018年11月23日（周五）下午14:30-16:00

地     点：MBA楼402

语    言： 中文

Abstract：

Do increasing information transparency and trading speed competition improve market quality? By introducing heterogeneous information diffusion and trading speed hierarchies in an otherwise standard Kyle model, we examine the joint impact of information transparency and trading speed competition on strategic trading and market quality. With faster information diffusion, the speed hierarchies create first-mover advantage and intensify fast trading, re-shaping the trade-off between the weakening effect on information asymmetry and the crowding-out effect on fast and informed trading. We identify strategic complementarities in informed and fast trading in the sense that aggressive trading of (partially informed) fast traders encourages more aggressive informed trading. This strategic complementarity, together with the learning of (partially informed) slow traders and market maker, tends to abate significantly the negative crowding-out effect of fast information diffusion on market quality. Therefore greater information transparency and trading speed competition can improve market quality even though the crowding-out effect can be very significant.

报告人介绍：https://www.uts.edu.au/staff/tony.he1

欢迎师生参加！