讲座题目：Mutual Risk Sharing and Fintech: The Case of Xiang Hu Bao

主讲嘉宾：虞彤

特邀主持人：沈建成

时间：2024年6月17日（星期一）上午10:00—12:00

地点：商学院116东方厅

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足球比分直播商学院

2024年6月12日

主讲嘉宾简介

虞彤，美国辛辛那提大学Lindner商学院Vigil M. Schwarm金融学教授。研究领域：资产定价，机构投资，风险管理和金融科技。虞彤教授的研究成果发表在Journal of Financial Economics, Management Science, Journal of Accounting Research, Journal of Financial Intermediation, Review of Asset Pricing Studies, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Risk and Insurance等刊物，他于2011年获得美国风险和保险协会授予的Early Career Distinguished Scholarly Achievement Award，2022年获得美国辛辛那提大学Lindner商学院研究生杰出教学奖，虞彤教授于2015年作为主要发起人之一成立了中国国际风险论坛(China International Risk Forum)和Modern Risk Society。他同时是China Finance Review International, Financial Management, Financial Review, and Journal of Financial Counseling and Planning等刊物的副主编。

特邀主持人简介

沈建成，苏州大学商学院金融系特聘教授，博士生导师，瑞士苏黎世大学访问教授。曾分别在美国Regent University, Taylor University担任金融教职。研究领域为实证行为金融，理论资产定价，人工智能大数据，神经实验经济学。近年来发表了 20多篇国际高水平期刊论文，诸如 Computer Networks, Journal of Banking and Finance，Journal of Financial Research, Journal of Futures Market等。

讲座主要内容

Unlike insurance transferring risks, mutual risk sharing shares losses among participants. Meaning ‘mutual aid’ in Chinese, Xiang Hu Bao (XHB) was the largest online mutual risk sharing platform operated by Alibaba’s Ant Financial to facilitate risk sharing of critical illness exposures. XHB provided restricted coverage to participants, aged individuals particularly, potentially leading to separating equilibrium, à la Rothschild-Stiglitz, where low-risk individuals join mutual aid programs while high-risk individuals purchase insurance. Using XHB’s enrollment and claim data, our analysis corroborates this argument and justifies the role of Fintech and advantageous selection in explaining cost advantages of mutual risk sharing.