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【6月5日】【国际经济与贸易学院双周学术论坛“贸易与创新”系列讲座】Asset Prices, Liquidity, and Indivisibility

[发表时间]:2019-05-21 [来源]: [浏览次数]:

  讲座题目:Asset Prices, Liquidity, and Indivisibility




  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.

  主讲人简介: 王亮,夏威夷大学马诺阿分校经济系副教授,宾夕法尼亚大学经济学博士,主要研究领域为货币经济学、搜索匹配理论、劳动经济学和宏观经济学。近年来,在Journal of Economic Theory, Journal of Economic Dynamics and Control, Macroeconomic Dynamics等国际顶级期刊发表多篇学术文章。








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