| 主讲人简介： | Professor Xiong Yan is currently an Associate Professor in the Department of Accounting and Finance at the University of Hong Kong. Prior to this, she served as an Assistant Professor in the Department of Finance at the Hong Kong University of Science and Technology from 2019 to 2024.
In terms of her academic background, she earned her Bachelor of Science in Insurance from Shanghai University of Finance and Economics in 2011, her Master of Finance from Renmin University of China in 2014, and her PhD in Finance from the University of Toronto in 2019.
Professor Xiong’s research interests span a wide range of cutting-edge areas, including financial markets, information economics, corporate finance, and financial intermediation. She has an extensive academic record, having published numerous high-quality papers in top-tier international finance and accounting journals such as the Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Economic Theory, The Accounting Review, and Journal of Accounting and Economics.
In addition, Professor Xiong holds important positions in the academic community and has received numerous honors and awards. She currently serves as an Associate Editor of the Journal of Financial Markets. She was the recipient of the 2022 RCFS Rising Scholar Award, and as a Principal Investigator (PI), she has been awarded funding from the Excellent Young Scientist Fund of the National Natural Science Foundation of China for the period 2025–2027. |
| 简介： | Despite the importance of indices, little is known about the index provision market. To understand the market's competitive landscape, we develop a model that incorporates three key players: retail investors, passive funds, and index providers. Index providers, established to mediate the conflict of interest between the other two, often prioritize the interests of their fund clients. Retail investors can influence the industrial-organizational structure of the index provision market by deciding how many indices are admitted. Contrary to conventional wisdom, we demonstrate that retail investors prefer a concentrated index provision market with index providers commanding substantial market power over passive funds. |