时 间:2022年5月31日(周二)13:30-15:00
地 点:腾讯会议
会议号:107 338 098
密 码:111111
主 题:Preventing Information Leakage
演讲者:李丹 副教授 香港中文大学(深圳)
摘 要:Traders devote significant resources to producing private information. The value of such informational is eroded when it is leaked. We study the use of multiple brokers by institutions to help mitigate information leakage. We document that trades using multiple brokers better predict future returns, consistent with information possessed by investors driving the decision to use multiple brokers. We find that trades using multiple brokers have lower price impacts and implementation shortfalls, higher long-term profitability, and fewer follower trades than similar single broker trades. The results suggest that traders use multiple brokers to successfully reduce information leakage.
简 介:Professor Dan Li is an associate professor in finance at the Chinese University of Hong Kong, Shenzhen. Her research lies at the intersection of market microstructure and corporate finance with a focus on high frequency trading, capital market, liquidity, and entrepreneurship. She has published papers in Journal of Financial Economics, Review of Financial Studies, Journal of Banking and Finance and etc. She has also published in the Wall Street Journal and Global Trading, the official magazine of the FIX Protocol. Prior to joining the CUHK Shenzhen, she was an assistant professor in finance at the University of Hong Kong between 2011 and 2017. Between 2009 and 2011 she served as an in-house researcher for the Investment Industry Regulatory Organization of Canada (IIROC), the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
金融与财务学系
2022-5-30
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