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【金融高端論壇】 第一百零五期

時間:2019-10-08 16:48     來源:      點擊:

【本期主題】A friend in need is a friend indeed: Strategic insider investments

This paper studies the information role of financing from family and friends. While a large strand of literature considers insider financing as a positive signal of high-quality project, we show that, based on investment decisions and funding performance data from a crowdfunding platform, the insider financing might be a signal of performance manipulation, and hence negatively correlated with quality of projects. We show that entrepreneurs with mediocre early funding performance strategically allocate contributions from family and friends to encourage unsophisticated investors to herd. The manipulation is non-monotonic. Entrepreneurs choose not to manipulate when project performance is bad and are very unlikely to be successful. Taking strategic moves into account, sophisticated investors view financing from family and friends as a negative signal and are less likely to invest. The manipulation exists even when sophisticated investors have significant market power and projects with manipulation deliver poorer funding performance.

【報告人】肖弋舟

【時間】10月23日(周三)上午10:00

【地點】明德主樓509室

誠邀您參加。

【報告人簡介】

肖弋舟博士現任香港中文大學商學院金融系助理教授。他2007年畢業于中國人民大學財政金融學院,2010年取得北京大學中國經濟研究中心碩士學位,2016年獲得美國斯坦福大學金融學博士學位。他的主要研究方向是信息經濟學和金融創新。他一部分研究致力于信息導致的市場交易行為。其他研究涉及VC基金投資回報、眾籌融資等領域。他的論文發表在國際頂級金融期刊《金融學雜志》(Journal of Finance)上。他的論文多次在知名國際學術會議宣講,并擔任多家國際學術期刊的審稿人。

 

中國人民大學金融高端論壇組委會

財政金融學院應用金融系

財政金融學院貨幣金融系

財政金融學院保險系

商學院財務與金融系

漢青經濟與金融高級研究院金融系

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