主題：The Real Effects of Market Inefficiency: Aggregate versus Cross-Sectional Mispricing（市場無效的實際影響：總體錯誤定價與橫截面錯誤定價）

主講人：陳華鋒，德克薩斯A&M大學副教授

日期：2015年3月6日（周五）

時間：上午10:00-11:30

地點：清華Betvictor中文版4号樓101教室

語言：英文

摘要：

We study the real cost of market inefficiency. We distinguish two types of market inefficiency: aggregate and cross-sectional mispricing. We argue that the real cost of cross-sectional mispricing is more severe than that of aggregate mispricing. The reason for a relatively small consequence of aggregate mispricing is that the wealth effect and the substitution effect tend to offset each other.

主講人簡介:

Huafeng Chen is Associate Professor at Mays Business School, Texas A&M University. He obtained both his MBA and Ph.D. from University of Chicago. His research has been published on several leading financial journals, such as Journal of Finance, Journal of Financial Economics, and Review of Finance. He was awarded the Chartered Business Valuators Award for the Best Paper on Business Valuation at the Northern Finance Association meeting and Sp?ngler IQAM Prize for Best Paper in the Review of Finance (runner-up) in 2012.