SPEAKER： 杨立岩，教授，多伦多大学

TIME/DATE：2025.6.12  12:00-13:00

CLASSROOM：A505

TENCENT：159827620

PW：746282

LINK：https://meeting.tencent.com/dm/w2FiAhX6Y319

ABSTRACT：

Fragility of financial markets arises when market prices exhibit amplified reaction to underlying shocks, either fundamental or non-fundamental. The history of financial markets features many examples of such episodes, market-wide or asset-specific, which have generally been of great concern. Using a canonical framework of trading in financial markets, we provide an overview of forces generating fragility. These forces include learning by investors from the price as they make trading decisions, and various channels for strategic complementarities among investors that act against price-induced strategic substitutes. We analyze the informativeness and volatility of prices and how they are related to the fragility concept.

GUEST BIO：

Professor Liyan Yang is a Professor of Finance and Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy at the Rotman School of Management, University of Toronto (with a cross-appointment in the Department of Economics). In 2010, Professor Yang received his Ph.D. in economics at Cornell University. His research interests mainly focus on financial markets, financial institutions, behavioral finance, data economics, and digital economy. He has received the Bank of Canada Fellowship Award and the Bank of Canada Governor’s Award. He is serving as a co-editor at Journal of Financial Markets and Journal of Economic Dynamics and Control. He is a current associate editor at Journal of Economic Theory and Management Science, and a former associate editor at Journal of Finance, Journal of Financial Markets and Journal of Economic Dynamics and Control. He is a senior fellow of Asian Bureau of Finance and Economic Research (ABFER). He is a fellow of the Accounting and Economics Society, a fellow of Cornell FinTech Initiative, a fellow of Luohan Academy, and a fellow of UIUC Office for Futures and Options Research. Professor Yang’s research has been published in Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies, etc.