主题：Sentiment and Consumption in the Digital Age: Theory and Empirical Evidence

主讲人：黄毅，复旦大学泛海国际欧洲杯外围竞猜_欧洲杯盘口-投注|官网学院欧洲杯外围竞猜_欧洲杯盘口-投注|官网学教授

时间：12月6日（周三）上午10:00-11:30

地点：4-101教室

语言：英文

摘要：

Using a transaction-level dataset on the spending behavior of Chinese consumers, we study individuals’ consumption responses to changes in sentiments in the digital age. We use the machine learning approach to construct high-frequency measurements of sentiment and explore its role in affecting individual’s consumption. More importantly, we find that most of such responses are through online platforms instead of offline stores. To reconcile the empirical regularities, we build a model where transitory sentiments can have differential impact when information frictions are different between online and offline spending. Our results highlight the role of digital platforms in transmitting sentiment changes to aggregate consumption fluctuations.

主讲人介绍：

Yi Huang, Professor of Finance in Fudan University and Assistant Dean of Fanhai International School of Finance (FISF).

Prof. Huang was Academic Director of the Doctor of Business Administration (DBA) Program. Prior to joining Fudan in 2021, Professor Huang was Pictet Chair in Finance and Development and associate professor at the Graduate Institute of International and Development Studies (Geneva, Switzerland) and a research affiliate at the Center for Economic and Policy Research (CEPR) , the Asian Bureau of Finance and Economic Research (ABFER) and Academic Fellow at the Luohan Academy.

Prof. Huang was an economist in the research department of the International Monetary Fund (IMF).  He also has been a research fellow at the Bank for International Settlements (BIS) , Hong Kong Institute for Monetary Research  and the Institute of Digital Finance of Peking University as well as the visiting positions at London Business School, Imperial College Business School, the MIT Sloan School of Management, and Cheung Kong Graduate School of Business. Prof. Huang also serves at the Council on Global Economic Imbalances at the World Economic Forum.

Prof. Huang’s research consists of international macro and finance, digital economics & fintech, international capital market and entrepreneurship &innovation. His recent research focuses on the influence of corporation’s financing and investment to financial market in the era of globalization and digital age. His research is published in academic journals such as the Review of Economic Studies, Journal of Finance, Management Science and Journal of International Economics.

Prof. Huang has received the Hong Kong RGC Theme-based Research Grant, NBER Entrepreneurship Small Grant, Swiss National Science Foundation Research Grant (SNSF), Sino- Swiss Science and Technology Cooperation (SSSTC) programme, Best Paper Award of Asian Finance Association Conference (AsianFA) and Best Paper Award of the China International Conference in Finance (CICF). He was also the Margaret and Richard Merrell Foundation Scholar at London Business School.