数字经济联合线上讲座2020-2021春季第一期于3月4日（本周四）早晨9：00开始，本期由哈佛大学robin lee教授分享其研究"a theory of stock exchange competition and innovation: will the market fix the market?"。robin lee教授于2008年获得哈佛大学博士学位，曾任职纽约大学。robin lee教授为国际期刊american economic journal: microeconomics和international journal of industrial organization的编辑。他的研究领域为产业组织，应用微观理论和健康经济学，在american economic review, journal of political economy, econometrica, rand journal of economics, journal of economics and management strategy等国际顶尖期刊发表多篇论文。
speaker
robin lee，harvard university
title
“a theory of stock exchange competition and innovation: will the market fix the market?”
time
thursday, march 4, 2020, 9:00-10:30am beijing time
zoom link
https://hbu.zoom.us/j/293341034
language
english
abstract
this paper builds a new model of financial exchange competition, tailored to the institutional details of the modern us stock market. in equilibrium, exchange trading fees are competitive but exchanges are able to earn economic profits from the sale of speed technology. we document stylized facts consistent with these results. we then use the model to analyze incentives for market design innovation. the novel tension between private and social innovation incentives is incumbents’ rents from speed technology in the status quo. this creates a disincentive to adopt new market designs that eliminate latency arbitrage and the high-frequency trading arms race.
供稿 | 乔雪
编辑 | 旺姆