主题1：Auctions of Real Options

主讲人：Lin William Cong(丛林），芝加哥大学Booth商学院助理教授

主题2：Informed Traders and the Real Estate Market

主讲人：Nathan George，加州大学伯克利分校Haas商学院博士

时间：2015年6月25日（周四）下午14:00

地点： 同济大厦A楼305室

讲座简介：

Governments and corporations frequently sell assets with embedded real options to competing buyers using both cash and contingent bids. Examples include the sales of natural resources, real estate, patents and licenses, and start-up firms with growth options. This paper models these auctions of real options, incorporating both endogenous auction timing and post-auction option exercise. I find that common security bids create moral hazard and distort investment. Strategic auction timing affects auction initiation, security ranking, equilibrium bidding, and investment, and should be considered jointly with security design and seller’s commitment level. Revenue-maximizing sellers inefficiently delay auctions, including optimal auctions which align investment incentives using a combination of down payment and royalty payment. When sellers cannot commit to an auction design, bidding and allocation outcomes are equivalent to cash auctions, and bidders always initiate the auctions when they are informed.

主讲人Lin William Cong简介：

Will Cong is an assistant professor of finance in the Booth School of Business at the University of Chicago, and a partner and advisor at ZPark Capital, a venture fund in Silicon Valley. He primarily studies corporate finance and investments. His research interests include real options, mergers and acquisitions, entrepreneurial finance, market efficiency, statistical learning, financial intermediation and innovation, and China’s economy and capital markets. His work won multiple best paper prizes, including the Finance Theory Group Best Paper Award (runner-up), the Shmuel Kandel Award, as well as the Zephyr Prize for Best Paper in Corporate Finance. He was also a recipient of the Gerald Lieberman Fellowship and the Stanford Asian American Award for his research contribution, graduate leadership, and University teaching and service. Cong currently referees for The American Economic Review, Review of Financial Studies, Management Science, Journal of Public Economics, Journal of Real Estate Finance and Economics, and Journal of Political Economy.

Cong graduated from Stanford University in June 2014 with a Ph.D. in Finance and a master degree in Statistics. He attended Harvard University from 2005-2009, double-majoring in Math and Physics, with a minors degree in Economics, a language citation in French, and a master degree in Physics. He was previously a George Shultz Scholar at the Stanford Institute for Economic Policy Research, a PhD Fellow at the Stanford Institute for Innovation in Developing Economies, and an academic committee member for International Physics Olympiad.

主讲人Nathan George简介：

Nathan Goerge is a Ph.D. candidate in Finance and Real Estate in the Haas School of Business at UC Berkeley, and the founder of NDG Consulting and Thomas&Darden. His research focus on corporate finance, contracting and incentives, investments and market efficiency, real estate finance and development.  He is a recipient of the IBER dissertation research award, and also a Fisher center Ph.D. fellow and a Gates Cambridge Scholar.

Nathan gets his MBA degree from UC Berkeley and master degree in mathematics from North Carolina State University. He also holds a certificate of advanced studies in mathematics from Cambridge University. Nathan gets his bachelor degree in mathematics and physics with honors from North Carolina State University.