Dr Andrew Sinclair, Assistant Professor of Finance, The University of Hong Kong

The Chinese government has immense power to reform financial markets. This allows the government to implement experimental and incremental reforms, however, this also creates a commitment problem. Good reforms do not have strong long-term protections and can be easily reversed. Using the Chinese initial public offering (IPO) market, we demonstrate that the inability to protect good reforms incurs large costs that outweigh the benefits. The reintroduction of price controls in the IPO market in 2014 have since transferred over RMB 1.3 trillion (USD 203 billion) of wealth from productive, cash constrained firms to investors, and disproportionately, to wealthy investors.

Speaker bio

Dr Andrew Sinclair is an Assistant Professor of Finance at The University of Hong Kong (HKU). Dr Sinclair studies the institutional foundations of Chinese finance, and how these unique institutions affect market development and market outcomes. His work spans both historical and contemporary China, and his current work studies the Chinese government’s commitment problem and its implications for finance and society. More generally, he is also interested in information asymmetry and has work studying collateral and the market for hedge fund managers.

Dr Sinclair joined HKU in 2017 after receiving his PhD in financial economics from Yale University the same year.

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Meeting ID: 868 6554 9117
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Via Zoom
(Online)

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Date: 15 February 2022
Start Time: 13:00
End Time: 14:15

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Open to: Members of the University of Cambridge

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(Online)

Event timings

Date: 15 February 2022
Start Time: 13:00
End Time: 14:15