On the morning of May 24th, Jiangxi University of Finance and Economics, 2021, the 3rd Ganpo Financial Experts Forum was held in the academic lecture hall on the fourth floor of Yizhen Building. Dr. Wang Yongxiang, guest professor at the School of Finance of Jiangxi University of Finance and Economics, was invited to give a lecture entitled The Chinese Collectibles Bubble. Gui Hefa, Dean of the School of Finance, presided over the lecture. This lecture attracted teachers and graduate students from many schools.

At the beginning of the lecture, Gui Hefa introduced Professor Wang Yongxiang's position and key research directions, and expressed his welcome and thanks to Professor Wang Yongxiang for coming to the school to give lectures. In the lecture, Professor Wang Yongxiang first asked the question: What caused the asset bubble? Is there an asset bubble?

Then, he gave a detailed introduction to the personal collection trading market (Nanjing Cultural Exchange Coin and Stamp Trading Center) and the stamp trading data collected by the article for empirical analysis. Accepted, he elaborated on the six research results from data analysis: one is that there is an asset bubble; the other is that when the asset's useful life is unlimited, the size of the bubble is related to the interest rate; the third is that the size of the bubble is related to the transaction volume and volatility; the fourth is that Tobin tax will reduce transaction volume or volatility, but will not reduce bubbles; fifth, there is a momentum effect; sixth, more naive investors will participate in larger bubbles.

Finally, he introduced the three empirical strategies designed in the article and the final research conclusions. The conclusion shows that there is clear and direct evidence for asset bubbles; short-selling restrictions and resale options have an important impact on the size of the bubble; interest rates have a negative impact on the size of the bubble.

During the lecture, many teachers actively communicated with Professor Wang Yongxiang on the transaction characteristics of the collection and the data and models of the paper, and put forward some questions and suggestions. The atmosphere of the lecture was enthusiastic, and teachers and students all expressed that they have broadened their horizons and benefited a lot.

Further reading:

Wang Yongxiang studied at the School of Business and School of Finance and Finance of Renmin University of China, and received his Ph.D. degree in Finance from Columbia University Business School in 2010. He was a tenured professor of finance at the University of Southern California. Professor Wang Yongxiang’s main research areas include empirical corporate finance, political economy, organizational economics, behavioral economics, and Chinese corporate strategy. Currently serving as the associate editor of Review of Economics and Statistics and the associate editor of Review of Finance. In the top international economics, finance, accounting and management journals, including Journal of Political Economy, American Economic Review, Review of Economic Studies, American Economic Journal: Applied Economics, Journal of Public Economics, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, Management Science, etc. published several articles.