【学术预告】麻省理工斯隆管理学院金融学副教授朱昊翔学术研讨会:从做市到撮合:银行监管是否损害了市场流动性?

时间: 2019-06-19 08:00 来源: 作者: 浏览量:1216 字号: 打印

主题:From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity? (从做市到撮合:银行监管是否损害了市场流动性?)

主讲人:朱昊翔,麻省理工斯隆管理学院金融学副教授

日期:2019年6月19日(周三) 

时间:上午10:00-11:30 

地点:清华五道口金融学院4号楼102教室

语言:英文 

摘要: 

Post-crisis bank regulations raised the market making costs of bank-affiliated dealers. We show that this can, somewhat surprisingly, improve the overall welfare of investors and reduce average transaction costs, despite the increased cost of immediacy. Bank dealers in OTC markets optimize between two parallel trading mechanisms: market making and matchmaking. Bank regulations that increase market making costs intensify competitive pressure from non-bank dealers and incentivize bank dealers to invest in technology that shifts their business towards matchmaking. Thus, post-crisis bank regulations have the (unintended) benefit of replacing the costly balance sheet of banks with a more efficient form of financial intermediation.

主讲人简介: 

Haoxiang Zhu is an Associate Professor of Finance at the MIT Sloan School of Management, and a Faculty Research Fellow at the National Bureau of Economic Research. He currently serves as an associate editor of Journal of Finance and Management Science.

His main research interests are broadly in asset pricing, especially market structure and market design. He has published research papers in Review of Economic Studies, Journal of Finance, Review of Financial Studies, and Journal of Financial Economics, among others. Zhu's research has won several awards, including the 2017 Amundi Smith Breeden Prize (First Prize) from the Journal of Finance, the 2016 AQR Insight Award Prize (First Prize), the 2015 Kepos Capital Award for Best Paper on Investments from the Western Finance Association, and the 2013 Review of Financial Studies Young Researcher Prize. In 2016, he was named one of the 40 under 40 Best Business School Professors by Poets and Quants.

Haoxiang Zhu actively involves in policy issues on financial markets and financial regulation. He has served as an academic expert for the US Commodity Futures Trading Commission (CFTC) and the Bank for International Settlements (BIS), and is currently a member of the Federal Reserve Bank of Chicago's Working Group on Financial Markets.

He holds a BA in Mathematics and Computer Science from the University of Oxford and a PhD in Finance from Stanford University Graduate School of Business.