题目：Demand-based asset pricing: an idiosyncratic review
时间：2024年6月12日（周三）10:00-12:00
地点：体育外围平台APP紫金港校区体育外围平台APPA423
主讲人：李家粹博士，美国犹他大学
主持人：黄英教授，体育外围平台APP
主讲人简介：
李家粹，博士，犹他大学戴维·埃克尔斯商学院金融助理教授。李家粹于2019斯坦佛商学院，获得金融学博士学位。在此之前，他获得了布朗大学的应用数学和经济学士学位, 也曾经在华尔街工作。李家粹的研究领域是资产定价，尤其是对于供给和需求对于资产价格的影响。他关于共同基金流量如何解释法马-弗伦奇三因子波动的研究曾获得2023年Review of Asset Pricing Studies的“ Rising Star Award”。研究成果发表于Review of Financial Studies，Journal of Financial Economics等期刊。
摘要：
Classic asset pricing theory often assume that markets are highly elastic/liquid and assume away the role of investor demand. However, recent work has shown that markets have bounded elasticity/liquidity and that demand fluctuations are first order determinants of prices. In this talk, Jiacui Li will synthesize an emerging literature --- with some papers by him but also many by others --- that collectively depict a view of asset pricing where demand is central. Sub-topics include: 1) how and why investors have low demand elasticities; 2) how demand-based price effects differ across different levels of aggregation; 3) applications of new demand-central models of asset prices.
