主题：Reflexivity in Credit Markets
主讲人：Lawrence Jin，康奈尔大学约翰逊商学院金融学副教授
时间：2月28日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
Reflexivity is the idea that investors’ biased beliefs affect market outcomes and that market outcomes in turn affect investors’ future biases. We develop a dynamic behavioral model of the credit cycle featuring this two-way feedback loop. Investors form beliefs about the likelihood of future defaults by extrapolating past defaults. Investor beliefs influence a firm’s actual creditworthiness because the firm is less likely to default in the short run when it can issue debt on favorable terms. Our model matches many features of the credit cycle, including its imperfect synchronization with the real economy and the “calm before the storm” phenomenon.
主讲人介绍：
Lawrence J. Jin is an Associate Professor of Finance at Cornell’s SC Johnson College of Business and a Faculty Research Fellow at the National Bureau of Economic Research (NBER). His research focuses on asset pricing, behavioral finance, neuroeconomics, and household finance. Much of his research studies how biased beliefs and non-traditional preferences affect asset prices, investor behavior, and firm behavior. His recent work begins to incorporate a more fundamental set of ideas from psychology and neuroscience into models of economic and financial decision-making.
Jin’s research has been published in the Quarterly Journal of Economics, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. His work has received the Q-Group’s Jack Treynor Prize, the AQR Top Finance Graduate Award, the Vernon L. Smith Excellence Award, and the MFA Outstanding Paper Award.
Jin received his Ph.D. in Financial Economics from Yale University in May 2015. He holds a B.S. in Mathematics and Physics from Tsinghua University and a M.S. in Electrical Engineering from Caltech. He also spent two years as a research and trading analyst at Citigroup. Prior to coming to Cornell, Jin was on the faculty at the Division of the Humanities and Social Sciences at Caltech.
