講座預(yù)告 | 數(shù)字經(jīng)濟(jì)聯(lián)合線上講座2020-2021春季第一期
發(fā)文時間：2021-04-16

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     數(shù)字經(jīng)濟(jì)聯(lián)合線上講座2020-2021春季第一期于3月4日（本周四）早晨9：00開始，本期由哈佛大學(xué)Robin LEE教授分享其研究"A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market?"。Robin LEE教授于2008年獲得哈佛大學(xué)博士學(xué)位，曾任職紐約大學(xué)。Robin LEE教授為國際期刊American Economic Journal: Microeconomics和International Journal of Industrial Organization的編輯。他的研究領(lǐng)域為產(chǎn)業(yè)組織，應(yīng)用微觀理論和健康經(jīng)濟(jì)學(xué)，在American Economic Review, Journal of Political Economy, Econometrica, RAND Journal of Economics, Journal of Economics and Management Strategy等國際頂尖期刊發(fā)表多篇論文。

Speaker


Robin LEE，Harvard University

Title

“A theory of stock exchange competition and innovation: will the market fix the market?”

Time



Thursday, March 4, 2020, 9:00-10:30am Beijing Time

Zoom Link


https://hbu.zoom.us/j/293341034

Language


English

Abstract


This paper builds a new model of financial exchange competition, tailored to the institutional details of the modern US stock market. In equilibrium, exchange trading fees are competitive but exchanges are able to earn economic profits from the sale of speed technology. We document stylized facts consistent with these results. We then use the model to analyze incentives for market design innovation. The novel tension between private and social innovation incentives is incumbents’ rents from speed technology in the status quo. This creates a disincentive to adopt new market designs that eliminate latency arbitrage and the high-frequency trading arms race.


供稿 | 喬雪

編輯 | 旺姆