讲座题目：The Chinese Collectibles Bubble

主 讲 人：汪勇祥

时   间：2023年4月17日（周一）10:00-12:00

线下地点：西安交通大学雁塔校区财经主楼806会议室

线上腾讯会议号：580-925-761（其他校区师生可实名在线参会 ）

报告人简介：

汪勇祥博士2010年毕业于美国哥伦比亚大学商学院金融系，本科、硕士分别就读于中国人民大学商学院和财政金融学院，现为上海交通大学上海高级金融学院金融学教授，曾是南加州大学Marshall商学院金融学副教授（终身教职）。

汪勇祥教授目前研究方向集中于实证公司金融，政治经济学，组织经济学，行为经济学，中国经济等相关研究。汪勇祥教授的文章发表在顶尖经济学，金融学，会计学和管理学期刊，包括American Economic Review, Journal of Political Economy, Review of Economic Studies, American Economic Journal: Applied Economics, American Economic Journal: Economic Policy, Journal of Financial Economics, Review of Financial Studies，Journal of Accounting and Economics, Management Science, Administrative Science Quarterly,以及Strategic Management Journal等杂志。汪勇祥教授的研究获得了美国、英国、澳大利亚以及中国国家自然基金的资助，被Wall Street Journal、Business Week、The Economist、New York Times、Science等经济、金融和科学媒体报道。汪勇祥教授目前担任Review of Economics and Statistics、Review of Finance、Journal of Corporate Finance等期刊的副主编。

摘要：

Using novel, hand-collected data from the largest Chinese collectibles exchange, we examine the asset price bubble in the collectibles market in the 2010s. Because the collectibles securitized on the exchange were also widely traded off the exchange, we are able to observe the fundamental price of the traded securities (i.e., the retail price of the securitized collectible). This feature of our data, combined with plausibly exogenous shocks to the trading environment, allows us to examine bubble theories in ways typically possible only in laboratory experiments. Our results are broadly consistent with the resale-option theory and the importance of limited arbitrage and also provide support for the external validity of several key findings from the experimental bubble literature.

西安交通大学经济与金融学院

2023年4月10日