报告题目：On the endogeneity between stock market prices and bank runs: An experiment

主讲人：澳门大学/西南财经大学 Lawrence Choo  Associate Professor

主持人：袁名康 讲师

主办单位：成都理工大学 管理科学学院

时间：2024年10月15日（星期二）  14:30-16:00

参会地点：成都理工大学第9教学楼506会议室，9C506

Lawrence Choo, 新加坡人，澳门大学/西南财经大学，副教授，博导。伦敦政治经济学院经济学与管理学学士，英国埃克塞特大学经济学与实验经济学硕士、经济学博士，埃尔朗根-纽伦堡大学博士后，曾任西南财经大学副教授。长期致力于因果推断、实验金融、社会规范、信息聚合和机制设计等领域的研究。主持“光华”研究奖学金等项目。研究成果发表在Management Science(UTD 24)、European Economic Review、Journal of Economic Behavior and Organization、Experimental Economics等国内外顶级学术期刊。

主讲内容：In situations of financial stress, depositors often use the stock price of their bank to guide their withdrawal behaviour, under the premise that the stock price contains information about the bank’s financial health. The inference of “bad news” from stock prices can trigger a self-fulling bank run. If traders anticipate such behaviour, would stock prices still be revealing about the bank’s health? This study this, we use an experiment that links the asset markets to the Diamond Dybvig (1983) bank-run game. Whilst our experiment find that stock prices can be revealing about the bank’s health, we also find that stock prices are inflated when traders know that depositors can observe the market price. Depositors use market prices to guide their withdrawal decisions. Finally, we find that stock market prices can exacerbate bank runs.