讲座题目：Information Processing in a Transparent Market: Evidence from a DeFi Protocol

主讲人：胡丹琪

讲座时间：2022年5月31日(周二)15:00

讲座地点：腾讯会议：274 305 614

内容摘要：

We take advantage of a rare setting in a decentralized finance market (the MakerDao Lending Protocol), where each trader’s activities are freely and publicly available in real-time and recorded permanently to the blockchain, to examine traders’ mimicking behavior in this extremely transparent market. We find robust evidence of cross-sectional persistence in traders’ performance. Despite the public availability of all traders’ past and real-time activities, investors’ efficient mimicking does not happen automatically and varies with the information processing costs associated with using the publicly available information on the blockchain.

主讲人简介：

胡丹琪，北京大学光华管理学院会计学系副教授、博士生导师。研究领域是财务会计和资本市场，致力于使用新技术（比如文本分析和机器学习）和高频数据来研究市场透明度，公司透明度，二者的互动关系以及它们对于资本市场制度设计和公司财务披露监管的政策意义。她曾经获得美国会计师协会FARS Best Dissertation Award和Doctoral Dissertation Award for Innovative Research in Accounting Education。她的研究成果发表在Journal of Accounting and Economics, The Accounting Review, Review of Accounting Studies等国际顶级会计学术期刊上。

个人主页：https://www.gsm.pku.edu.cn/faculty/danqi.hu/