主题：The Real Effects of Market Inefficiency: Aggregate versus Cross-Sectional Mispricing（市场无效的实际影响：总体错误定价与横截面错误定价）
主讲人：陈华锋，德克萨斯A&M大学副教授
日期：2015年3月6日（周五）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We study the real cost of market inefficiency. We distinguish two types of market inefficiency: aggregate and cross-sectional mispricing. We argue that the real cost of cross-sectional mispricing is more severe than that of aggregate mispricing. The reason for a relatively small consequence of aggregate mispricing is that the wealth effect and the substitution effect tend to offset each other.
主讲人简介:
Huafeng Chen is Associate Professor at Mays Business School, Texas A&M University. He obtained both his MBA and Ph.D. from University of Chicago. His research has been published on several leading financial journals, such as Journal of Finance, Journal of Financial Economics, and Review of Finance. He was awarded the Chartered Business Valuators Award for the Best Paper on Business Valuation at the Northern Finance Association meeting and Sp?ngler IQAM Prize for Best Paper in the Review of Finance (runner-up) in 2012.
