Are You Paying too Much for Financial Advice? The Transparency-Revenue Dilemma in Social Trading
时 间：2019年6月20日(周四) 上午10:00 –11:30
主讲人：Prof.Eric Zheng， University of Texas at Dallas
主持人：王明征 教授，yl23411永利
摘 要:
In social trading, less experienced investors (followers) are allowed to copy the trades of experts （traders) in real-time after paying a following fee. This raises the transparency-revenue conundrum: a dilemma between the need to release trading information transparently versus the risk of followers free riding on such information. We demonstrate the conundrum using data from a leading social trading platform operating in the Foreign Exchange market. An optimization model is developed to maximize information transparency while respecting a money-at-risk constraint. The performances of three information release policies are compared. Finally, we optimize platform revenue using an optimal release policy.
主讲人简介：
Zhiqiang (Eric) Zheng is the Ashbel Smith Professor of Information Systems with a joint appointment in Finance at the Jindal School of Management, University of Texas at Dallas. He received his PhD from the Wharton School of Business, University of Pennsylvania. His current research interests focus on financial technology, Blockchain analytics and healthcare analytics. His papers have appeared in journals such as Information Systems Research, Management Science, MIS Quarterly, and Production and Operations Management. He currently serves as a senior editor for Information Systems Research and is the editor for the Fintech and Blockchain special issue.
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