内容简介:

I study the impact of information technology (IT) in a model where stock prices aggregate speculators' information and guide firms' investments. A firm with higher exposure to its risky production project attracts more information from speculators. IT progress (i.e., lowering information costs) improves stock price informativeness and corporate efficiency when information is costly. Yet, when information is inexpensive, speculators use up their limited attention. Then IT improvements can backfire: Firms excessively increase risky project exposure to engage in zero-sum competition for attention, reducing corporate efficiency and social welfare. Raising firms' growth opportunities can reinforce the adverse effects of IT progress.

演讲人简介：

Zhiqiang Ye is a PhD candidate in finance at the Department of Financial Management, IESE Business School. His fields of interest are financial intermediation, FinTech, and information in financial markets. Zhiqiang obtained his bachelor’s degree from Southwestern University of Finance and Economics and his master’s degree from Renmin University of China. His work has been published in the Journal of Banking and Finance. His paper Information Technology and Lender Competition has received the 2nd Revise and Resubmit invitation at the Journal of Financial Economics.

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