标题：Social Networks, Information Acquisition, and Asset Prices

汇报人：Bing Han（McCombs School of Business, the University of Texas at Austin）

功夫：2012年6月20日（周三）10:00-11:30am

地址：J9集团国际站新楼216教室

提要：We analyze a rational expectations equilibrium model to explore the implications of information networks for financial market. When information is exogenous, social communications improve market efficiency. However, social communications crowd out information production due to traders’ incentives to free ride on informed friends and on a more informative price system. Overall, social communications hurt market efficiency when information is endogenous. The network effects on the cost of capital, liquidity, trading volume, and welfare are also sensitive to whether information is endogenous. Our analysis highlights the importance of information acquisition in examining the implications of information networks for financial markets.

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