DUFE • Accounting and Finance Forum (Issue 22, 2023): Zhigang Qiu

Topic: The Boundary of Open Data: Implications for Financial Market and Real Efficiency

Speaker: Zhigang Qiu

Date & Time: 13:30-15:00 Friday, October 27, 2023

Venue: Room 245, Quan Xue Building

Organizers: School of Accounting, Dongbei University of Finance and Economics, P.R. China & Liaoning Capital Market Finance and Accounting Graduate Innovation and Academic Exchange Center & Financial Management Research Center, School of Accounting, Dongbei University of Finance and Economics



We study the optimal open data boundary and its implications in a model in which the participants from both financial markets and real sectors with private data have access to open data. Open data provides new information and expands the scale of growth opportunities by increasing productivity, but its public access incurs privacy costs. Therefore, there is an optimal boundary for the open data usage. Private data, as a source of information for financial market and real sector participants, has a substitute relationship with open data, thereby affecting the optimal boundary of open data. As a result, the optimal open data boundary is U-shaped in private data endowments. Because of the U-shaped relationship, private data endowment can affect financial market efficiency and real efficiency by directly providing private data and indirectly influencing the open data boundary, resulting in non-monotonic relationships of financial market efficiency and real efficiency with private data endowments.


Introduction of Speaker:

Zhigang Qiu, Professor and Doctoral Supervisor in the Department of Monetary Finance at School of Finance, Renmin University of China, has served as a lecturer, associate professor, and vice dean of the Hanqing Research Institute at Renmin University of China. He graduated with a bachelor degree from Dongbei University of Finance and Economics, a Master degree from the University of Leeds, and a Master and PhD degree from the London School of Economics and Political Science. Since 2011, he has been teaching at the Hanqing Research Institute and School of Finance at Renmin University of China, and has taught courses such as Asset Pricing Theory, Financial Risk Analysis, Financial Literature, Financial Topics, Investment, Blockchain Finance, and Overview of FinTech for undergraduate, postgraduate, and doctoral students. His research interests include Agency Portfolios Management, Asset Pricing Theory, and Data Economy. He has published multiple papers in top academic journals both domestically and internationally, including Journal of Economic Theory, Journal of Financial and Quantitative Analysis (Independent Author), Journal of Financial Market, Journal of Economic and Dynamic Control, Journal of Banking and Finance, Journal of Empirical Finance, Journal of Accounting and Public Policy, and China Industrial Economics.


Special Attention:

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