报告题目：The Boundary of Open Data: Implications for Financial Market and Real Efficiency

报 告 人：邱志刚（中国人民大学）

报告时间：2023年10月20日（周五）14:00-16:00 

报告地点：博学楼504

主办单位：金融科技学院

【报告人简介】

邱志刚，中国人民大学财政金融学院货币金融系教授，博士生导师。曾任中国人民大学汉青研究院讲师，副教授，副院长。邱志刚在东北财经大学取得学士学位，在利兹大学取得硕士学位，在伦敦政治经济学院取得硕士和博士学位。从2011起至今，先后任教于中国人民大学汉青研究院，财政金融学院。为本科，硕士及博士讲授资产定价理论，金融风险分析，金融主文献，金融专题，投资学，区块链金融及金融科技概述等课程。他的研究兴趣包括代理投资组合管理，资产定价理论及数据经济。在国内外顶尖学术期刊上发表多篇论文，包括Journal of Economic Theory, Journal of Financial and Quantitative Analysis，Journal of Financial Market，Journal of Economic and Dynamic Control, Journal of Banking and Finance，Journal of Empirical Finance，Journal of Accounting and Public Policy，以及《中国工业经济》等顶级学术期刊。

【内容摘要】

We study the optimal open data boundary and its implications in a model in which the participants from both financial markets and real sectors with private data have access to open data. Open data provides new information and expands the scale of growth opportunities by increasing productivity, but its public access incurs privacy costs. Therefore, there is an optimal boundary for the open data usage. Private data, as a source of information for financial market and real sector participants, has a substitute relationship with open data, thereby affecting the optimal boundary of open data. As a result, the optimal open data boundary is U-shaped in private data endowments. Because of the U-shaped relationship, private data endowment can affect financial market efficiency and real efficiency by directly providing private data and indirectly influencing the open data boundary, resulting in non-monotonic relationships of financial market efficiency and real efficiency with private data endowments.

撰稿：赵鹏辉     审核：史永东     单位：金融科技学院