主题：Impediments to Financial Trade: Theory and Measurement（金融交易障碍：理论与措施）
主讲人：Stavros Panageas, 芝加哥布斯商德州扑克大小
金融学副教授
日期: 2015年5月27日
时间: 下午2:00-3:30
地点: 德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英语
摘要：
We propose a tractable model of an informationally inefficient market. We show the equivalence between our model and a substantially simpler model whereby investors face distortive investment taxes de p ending both on their identity and the asset class. We use this equivalence to assess existing approaches to inferring whether individual investors have informational advantages. We also develop a methodology of inferring the magnitude of the frictions (implicit taxes) that impede financial trade. We illustrate the methodology by using data on cross country portfolio holdings and returns to quantify these frictions, and locate the directions in which financial trade seems to be especially impeded. We argue that our measure of frictions contains useful information for the sources of failure of frictionless models, and it helps in studying whether certain factors (such as the size of the financial sector) are associated with lower financial frictions.
主讲人简介：
Stavros Panageas, is the Associate Professor of Finance at Booth School of Business, University of Chicago. He was awarded with Utah Winter Finance Conference Best Paper Award, Winner of the Simth Breeden Prize (First Price) for the year and Four Nations cup and other awards. His work has been published in leading academic journals including Journal of Finance, Review of Financial Studies and Journal of Financial Economics.
