| 主讲人简介： | Associate Professor at Nanyang Technological University, Associate Editor of Journal of Economic Behavior and Organization (JEBO). His research interests include Experimental and Behavioral Economics, Experimental Finance, Corporate Finance and Industrial Organization. He has published over 30 articles in the Review of Economics and Statistics, Experimental Economics, Journal of Banking and Finance, Journal of Economic Behavior and Organization, and others. He also has working papers under revision at the Journal of Finance, International Economic Review.
Please see Prof. Riyanto's CV for more information. Prof. Riyanto's CV. |
| 简介： | We design an experiment to study the implications of information networks for the incentive to acquire costly information, market liquidity, investors’ earnings and asset price characteristics in a ?nancial market. Social communication crowds out information production as a result of agent’s temptation to free ride on the signals purchased by their neighbors. Although information exchange among traders increases trading volume, improves liquidity and enhances the ability of asset prices to re?ect the aggregate amount of informa-tion in the market, it fails to improve price informativeness. Net earnings are higher with information sharing due to reduced acquisition of costly signals. |