主題：Benchmark in Search Market (搜索市場的基準)

主講人：Darrell Duffie ,斯坦福大學金融學教授

日期：2015年5月25日

時間：下午3:00-4:30

地點：清華Betvictor中文版1号樓1-100教室

語言：英語

摘要：

We analyze the role of benchmarks in over-the-counter markets subject to search frictions. The publication of a benchmark can, under conditions, raise total social surplus by (i) increasing the volume of beneficial trade, (ii) facilitating more efficient trade matching between dealers and customers, and (iii) reducing total search costs. Although the improvement in market transparency caused by benchmarks may lower dealer profit margins on each trade, dealers may nevertheless introduce a benchmark such as LIBOR in order to encourage greater market participation by investors. In some cases, low-cost dealers may introduce a benchmark in order to increase their market share through reducing entry by high-cost dealers, a further source of efficiency gain.

主講人簡介：

Darrell Duffie is the Dean Witter Distinguished Professor of Finance, Graduate School of Business Knight Way, Stanford University. He was a lecturer of many world top universities such as Oxford University, Princeton University, Carnegie-Mellon University Duisenberg Institute and Columbia University. He was named as the Distinguished Teacher of Doctoral Program of Graduate School of Business in the Stanford University. His research interest is mainly related to the security markets and derivatives. His papers have been published in Journal of Finance, Journal of Financial Economics, Review of Financial Studies and other leading finance journals. He was also listed in the corporate board room of iShare Funds and Trusts and Moody’s Corporation.