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时间: 2021/03/16

讲座题目:FinTech Adoption and Household Risk-Taking

摘要:This paper examines how FinTech can lower investment barriers and help households move toward optimal risk-taking, using a unique account-level data on consumption, investments, and FinTech usage from Ant Group. During our sample period, China experienced a rapid increase in FinTech penetration in the form of offline digital payment, and our measure of FinTech adoption is constructed relative to this fast-developing trend of new technology. Taking advantage of our consumption data, we further infer individuals' risk tolerance from their consumption volatility. We find that, while FinTech adoption improves risk-taking for all, the more risk-tolerant individuals benefit more from FinTech advancement. The magnitude of FinTech improvement is further quantified relative to the optimal alignment of risk-taking and consumption prescribed by Merton (1971). Aggregating to the city-level, we find significant variations in FinTech adoption across cities in China, owing to the gradual spread of the new technology from Hangzhou to inner China. Examining the enhancement in risk-taking across geographical locations, we find that cities with low financial-service coverage benefit the most from FinTech penetration. Overall, our results show that, by unshackling the traditional constraints, FinTech improves risk-taking for individuals who need it the most.

主讲人:洪玉蓉 助理教授(上海交通大学)


讲座方式:线上腾讯会议  会议 ID:991 256 291 会议密码:0317


主持人:邹先强 助理教授



Claire Yurong Hong is an Assistant Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University. Professor Hong’s research focuses on the areas of empirical asset pricing, insider trading, and asset management. Professor Hong received her Ph.D. in Finance from the Hong Kong University of Science and Technology in 2018, and B.A. in Finance and Economics from the University of Hong Kong in 2013.

  中国人民大学劳动人事学院 100872
劳动人事学院公众号 人大人力资源公众号
  劳动人事学院公众号 人大人力资源公众号