主题: Data as a Networked Asset

中文题目：作为网络资产的数据

时间: 2025年12月22日 上午 10:00

地点: 管理科研楼一楼 第一教室

主讲人: Prof. Ye Li, Associate Professor, William A. Fowler Endowed Professor Foster School of Business, University of Washington

Bio:

Ye is an Associate Professor and the William A. Fowler Endowed Professor at the Foster School of Business, University of Washington. He previously served as a Visiting Assistant Professor and the Judith L. and William G. Bollinger Endowed Professor at the University of Pennsylvania. He currently co-directs the Finance Ph.D. program. Prior to joining the University of Washington, he was a faculty at The Ohio State University.

Abstract:

Data is non-rival: a firm’s customer data informs other firms about their customers. We uncover a network of inter-firm data conduits embedded in mobile applications. Data sharing induces comovement in firms’ operational, financial, and stock-market performances, propagates shocks (e.g., cyberattacks), and induces herding in product design. Apple’s privacy policy—a shock to inter-firm data flows—weakened these patterns. We develop a dynamic network model, where firms’ performance and growth are interconnected through a data-sharing network. A network-augmented Gordon growth formula emerges for valuing data-generated cash flows. Our valuation metrics incorporate high-order and long-term spillovers and reveal systemically important firms.

Ye received his B.A. from Zhejiang University, his M.S. from the London School of Economics, and his Ph.D. from Columbia University. His research focuses on money and banking, asset pricing, financial institutions, fintech, and liquidity in the macroeconomy. He has published in leading journals in economics (American Economic Review (single-authored) and Review of Economic Studies) and in finance (Journal of Finance, Journal of Financial Economics and Review of Financial Studies).