讲座题目：Information Diffusion and Speed Competition
交易中的信息扩散与速度竞争
主 讲 人： 何学中 教授 (悉尼科技大学)
主讲人介绍：何学中，悉尼科技大学金融学教授（UTS），经济动力学与控制学报共同主编（A刊）。悉尼科技大学金融学博士，佛林德斯大学应用数学博士，是国际公认的金融市场建模和金融非线性动力学的专家，在该领域发表论文40余篇，他曾多次组织国际研讨并担任委员，还担任过金融、经济学和数学杂志的副主编和审稿人。
时 间：2017年10月13日12:30
地 点：嘉定校区文德二楼国际会议中心
讲座主要内容：
This paper examines the impact of strategic competition of trading at different speed on price discovery and market liquidity when information diffuses gradually among traders. By introducing an information diffusion process among traders who receive partial and heterogeneous information gradually over a two-period Kyle model, traders strategically choose to be fast informed in the first period or slow informed in the second period when they become fully informed at some cost, or be uninformed by receiving the information gradually at no cost. As the information diffusion speed increases, such endogenous information through strategic trading and trading speed competition reduces the information value for the fast informed, but increases the information value for the slow informed, crowding-out the fast traders. This crowding-out effect can reduce fast-trading arms racing, but also harm price discovery and market liquidity. Therefore fast-trading competition and increasing information transparency can have unintended and even negative impact on market quality.
