讲座题目：Asset Prices, Liquidity, and Indivisibility

主讲人：王亮（夏威夷大学马诺阿分校）

讲座时间：2019年6月5日周三下午3:00-4:30

讲座地点：中央财经大学学院南路校区主教702会议室

摘要： We develop a search-theoretic asset-pricing model in which a divisible asset is valued for its dividend income and liquidity, in the sense that the asset can facilitate exchange for an indivisible consumption good. The distinctive features of our theory are that the dividend value of the asset can be either positive or negative and buyers can choose whether or not to hold the asset. We use the model to study asset prices and trading volume and find that indivisibility and the trading mechanism matters for multiple equilibria as well as asset prices and trading volume. Our theory predicts different relationships between asset prices and its dividend value due to the trade-off between the probability of trade and the cost of holding the asset.

主讲人简介: 王亮，夏威夷大学马诺阿分校经济系副教授，宾夕法尼亚大学经济学博士，主要研究领域为货币经济学、搜索匹配理论、劳动经济学和宏观经济学。近年来，在Journal of Economic Theory, Journal of Economic Dynamics and Control, Macroeconomic Dynamics等国际顶级期刊发表多篇学术文章。

本次讲座是中央财经大学“龙马奋进·校庆70周年学术系列讲座”的组成部分，获得了2019年中央财经大学专题学术讲座项目资助。