一、主题：Golfingfor Information: Social Interactions and Economics Consequences

二、主讲人：张笑语，新加坡国立大学博士生。其研究方向主要包括家庭金融、公司投资行为和住房市场。其研究成果受邀于国际会议如SFS Cavalcade, AREUEA-ASSA, AFA Doctoral Session 和 SMU Conference on Urban and Regional Economics 等进行宣讲。

三、时间：2019年11月6日（周三），中午12:30-13:30

四、地点：中央财经大学沙河校区丁香园1号楼301会议室

五、主持人：苟琴，中央财经大学金融学院副教授

Abstract: This paper studiescompany directors’ use of information acquired through social interactions atgolf courses to subsequently acquire land parcels at lower prices. Developersplay golf together more often after the government land sale announcement. Wefind evidence rejecting the collusion hypothesis. The winning bids are 14%lower after interacting with other corporate directors, and the lower landprices allow developers to sell new units 8% cheaper. However, the lower landprices by informed bidders generate negative spillovers on neighboringproperties. Our results imply that social interactions enable developers torealize higher profits, while the government loses land sale revenues.