| 主讲人简介： | Siguang Li is an Assistant Professor at the Hong Kong University of Science and Technology (Guangzhou). He received his PhD in Economics from Cornell University. His research is in the area of digital economy, financial economics, social media and industrial organization. His recent works focus on Fintech and digital economy. His research work has been published on Journal of Economic Theory, International Economic Review, Finance Stochastics, Quantitative Finance, Economic Research Journal (《经济研究》), Journal of Management Sciences in China (《管理科学学报》). |
| 简介： | We revisit the link between product market competition and real efficiency in a novel setting with informational feedback from financial markets. While intensified competition can decrease market power concentration in production, it reduces the value of proprietary information (on, e.g., market prospects) for speculators and discourages information production and price discovery in financial markets, with non-monotonic welfare effects. Market feedback can impact or even reverse the positive effects of competition on consumer welfare and real efficiency, especially when prices become sufficiently informative for product decisions. The findings underscore the importance of considering the interaction between the product market and financial market in antitrust policy, e.g., concerning the regulation of horizontal mergers. We demonstrate the robustness of the main results under dynamic trading, cross-asset trading and learning, etc. |