主讲人：笪治（美国圣母大学门多萨商学院）
讲座摘要：Frequent, yet uninformed, market timing recommendations by a financial advisory firm generate significant flows for Chilean pension funds. These flows give rise to substantial trading in currency markets due to the high allocation to international equities. We estimate a relatively low price elasticity of 0.81 for the Chilean peso. Hedging by the banking sector propagates the demand fluctuations from the spot to the forward currency market, and results in deviations from covered interest rate parity. Using bank balance sheet data, we confirm that banks’ risk bearing constraints create limits to arbitrage.
时间：8月28日（星期一），早上9:00-10:30
线上会议：腾讯会议（会议号：557 862 032）
主讲人简介：笪治教授是美国圣母大学Mendoza商学院教授，GARP认证的金融风险管理人，美国金融协会与西方金融协会的会员；主要研究领域是实证资产定价和投资。曾多次于国际的知名期刊发表多篇论文，例如 Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis 等。他的研究成果荣获了Midwest Finance Association Outstanding Paper、William F. Sharpe Award for Scholarship in Financial Research、CICF Best Paper Award 等多个奖项。
主办：中国互联网经济研究院
此次讲座获得北京高等学校卓越青年科学家计划资助（BJJWZYJH01201910034034），特此致谢。
撰稿：李东阳 排版：张思域
初审：孙宝文 复审：王立勇
