报告人：周德清
报告地点：腾讯会议
报告时间：2020年09月03日星期四13:30-14:30
邀请人：刘红
报告摘要：
We build a dynamic strategic trading model where the noise trading may be correlated with an asset's fundamental value. The correlation between noise trading and the fundamental value shapes the temporal properties of Perfect Bayesian Equilibrium. The more positive the correlation coefficient, the faster the prices incorporate the private information. In contrast, for the case of negative correlation, and with only one risk-neutral insider, an abundant amount of private information would not be revealed after the final trade. This inefficiency can be resolved if insiders are competitive or risk averse.
会议ID：409 460 809
主讲人简介：
周德清，中央财经大学 金融学院副教授，主要研究领域:市场微观结构，行为金融，主持青年自科基金和中央财经大学创新科研基金项目。曾于Economics letters, International Review of Economics and Finance, International Review of Finance, Economic Modelling, North American Journal of Economics and Finance, Acta Mathematicae Applicatae Sinica, Finance Research Letters 发表论文十篇左右。
