数字经济联合线上讲座2020-2021春季第二期于3月11日（本周四）下午4：00开始，由以色列tel aviv大学evgeny lyandres教授分享其论文competition and product quality: fake trading on crypo exchanges。evgeny lyandres教授2005年获得美国罗彻斯特大学金融学博士学位，其研究包含企业金融决策和经营决策的互动，产品市场竞争对企业金融决策（如资本结构决策）的影响，企业兼并及相关公共选择等领域。他的论文多发表于journal of finance, review of financial studies, journal of financial economics等金融学国际顶级期刊。
speaker
prof evgeny lyandres, tel aviv university
title
"competition and product quality: fake trading on crypo exchanges"
time
thursday, march 11, 2021, 4:00-5:30pm beijing time
zoom link
https://hkbu.zoom.us/j/293341034
language
english
abstract
how competition affects product quality and how product quality choices impact firms’ operating performance are open empirical questions. we use a setting that is especially suitable to answering these questions: we examine the effects of competition among cryptographic exchanges on their trading volume inflation (fake trading) and the impact of volume inflation on exchanges’ operating performance.we develop statistical measures to detect fake trading, which we validate in several ways and use in analyzing determinants and consequences of trading volume inflation. various static and dynamic competition measures are positively associated with measure of fake trading at both the exchange and exchange-currency pair levels. exchanges that inflate trading volume succeed in misleading investors in the short run but are punished in the long run, consistent with the trade off between short-lived increases in rents and future losses due to damaged reputation.
供稿 | 乔雪
编辑 | 旺姆