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

二、主講人：張笑語，新加坡國立大學博士生。其研究方向主要包括家庭金融、公司投資行為和住房市場。其研究成果受邀于國際會議如SFS Cavalcade, AREUEA-ASSA, AFA Doctoral Session 和 SMU Conference on Urban and Regional Economics 等進行宣講。

三、時間：2019年11月6日（周三），中午12:30-13:30

四、地點：bevictor伟德官网沙河校區丁香園1号樓301會議室

五、主持人：苟琴，bevictor伟德官网副教授

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.