题　目：Latency, Alignment, and Information: The New Jersey Market Center

嘉　宾：Michael Goldstein 教授 Babson College

主持人：万相伟 副教授 上海交通大学安泰经济与管理

时　间：2026年5月28日（周四）10:00-11:30

地　点：上海交通大学 徐汇校区安泰浩然楼306

内容简介:

We examine how exogenous latency shocks affect price discovery and transaction costs by analyzing the temporary relocation of two U.S. equity exchanges. Using information share methods and trade-quote alignment techniques, we find that increased latency reduces the price discovery contribution of the affected venues and alters the liquidity provision. Effective spreads and price impacts fall, while realized spreads rise, patterns consistent with a separating equilibrium in which informed traders avoid slower venues. These findings suggest that latency differentials create measurable distortions in market quality, with implications for both trading behavior and regulatory policy.

演讲人简介：

Dr. Goldstein is the Donald P. Babson Chair in Applied Investments and is a Professor of Finance at Babson College. Previously, he was the inaugural Faculty Director of the Master of Science in Finance Program at Babson College.
Currently, he is Editor-in-Chief of Financial Management, Editor of Weather, Climate, and Society (a journal of the American Meteorological Society), and Senior Editor of Journal of Climate Finance. Previously, he was Editor-in-Chief of The Financial Review. He also serves on the editorial boards of Journal of Financial Markets, Finance Research Letters, International Review of Financial Analysis.
He was an Honorary Professor at Queen’s University – Belfast (UK), a Visiting Professor at Trinity College – Dublin (Ireland) and at The University of Sydney (Australia). He is a Visiting Professorial Fellow at the Climate Change Research Center in the Faculty of Science at the University of New South Wales (UNSW), Australia. Dr. Goldstein was Chair of the Economic Advisory Committee for the Financial Industry Regulatory Authority (FINRA), and has served as a panelist on three SEC roundtables. He also served as Chair of the NASDAQ Economic Advisory Board for 2005. From August 1997 to July 1998, Dr. Goldstein was the Visiting Economist at the New York Stock Exchange, the eighth academic to hold this one-year post. Prior to this position, he advised the Deputy Prime Minister of Poland on Poland's privatization program. He also worked as an Investment Banker with Merrill Lynch Capital Markets in their Financial Institutions and Japan Banking groups. He also consults and advises major security firms and Fortune 100 companies.
Dr. Goldstein's research specialty is examining the structure of markets. He also works in climate change, and has received two National Science Foundation (NSF) grants related to the Arctic Economy. He also does work on dividends, real estate, asset pricing, and privatization and has presented at numerous conferences worldwide.
His papers have been published in major finance academic journals, including The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies, The Journal of Financial and Quantitative Analysis, Management Science, and The Journal of Financial Markets, and in science/climate journals, including Climatic Change, Scientific Reports (a Nature journal), and Water Resources Research (a journal of the American Geophysical Union).
He has taught in Babson's undergraduate, MBA, and Executive Education programs. He has also taught at Boston College and at the University of Colorado at Boulder, where he received the Proctor & Gamble Teaching Excellence Award.
Dr. Goldstein has been interviewed by many national and international media groups, including print, television and radio. Other areas of expertise include: Climate Change, Dividends, Real Estate Investment, Stock Market, Market Structure and Trading Costs.

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