講座題目：Asset Prices, Liquidity, and Indivisibility

主講人：王亮（夏威夷大學馬諾阿分校）

講座時間：2019年6月5日周三下午3:00-4:30

講座地點：中央財經(jīng)大學學院南路校區(qū)主教702會議室

摘要： We develop a search-theoretic asset-pricing model in which a divisible asset is valued for its dividend income and liquidity, in the sense that the asset can facilitate exchange for an indivisible consumption good. The distinctive features of our theory are that the dividend value of the asset can be either positive or negative and buyers can choose whether or not to hold the asset. We use the model to study asset prices and trading volume and find that indivisibility and the trading mechanism matters for multiple equilibria as well as asset prices and trading volume. Our theory predicts different relationships between asset prices and its dividend value due to the trade-off between the probability of trade and the cost of holding the asset.

主講人簡介: 王亮，夏威夷大學馬諾阿分校經(jīng)濟系副教授，賓夕法尼亞大學經(jīng)濟學博士，主要研究領域為貨幣經(jīng)濟學、搜索匹配理論、勞動經(jīng)濟學和宏觀經(jīng)濟學。近年來，在Journal of Economic Theory, Journal of Economic Dynamics and Control, Macroeconomic Dynamics等國際頂級期刊發(fā)表多篇學術文章。

本次講座是中央財經(jīng)大學“龍馬奮進·校慶70周年學術系列講座”的組成部分，獲得了2019年中央財經(jīng)大學專題學術講座項目資助。