Webinar Series

 

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Fintech Adoption and Household Risk-Taking

Focusing on China's rapid increase in FinTech penetration, the authors examine how FinTech can help lower investment barriers and move households toward optimal risk-taking. Using a unique measure of FinTech adoption, which tracks the usage of offline digital payments in China, the authors capture significant variations in FinTech adoption across individuals of different risk aversions, and in FinTech penetration across cities with varying coverage of financial services. They find that FinTech adoption improves risk-taking for all, with more risk-tolerant individuals benefiting more. They also find that cities with low financial-service coverage benefit the most from FinTech penetration. Overall, their results show that, by unshackling the traditional constraints, FinTech improves risk-taking for individuals who need it the most and extends financial services to areas least served by banks. 

17
June
2021
Thursday

Session Chair: Professor Zhiguo HE
Fuji Bank and Heller Professor of Finance and Jeuck Faculty Fellow, Booth School of Business, University of Chicago and Senior Fellow, ABFER

10:00 am
FinTech Adoption and Household Risk-Taking

Professor Jun PAN, Professor of Finance and SAIF Chair Professor at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

Co-authors:
Assistant Professor Xiaomeng LU, Assistant Professor of Finance, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

Assistant Professor Claire Yurong HONG, Assistant Professor of Finance, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University
10:25 am
Discussion

Discussant:
Professor John Y. CAMPBELL, Morton L. and Carole S. Olshan Professor of Economics, Harvard University
10:50 am
Q&A
11:10 am


Updated 17 June 2021

Speakers

  • Professor Jun PAN

    Professor Jun PAN

     

    Professor of Finance, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University and Senior Fellow, ABFER

    Jun Pan is currently a Professor of Finance and SAIF Chair Professor at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University. Prior to joining SAIF in 2019, she was the School of Management Distinguished Professor of Finance and Professor of Finance at MIT Sloan School of Management. Jun has a B.S. degree in Physics from Shanghai Jiao Tong University, a Ph.D. in Physics from New York University, and a Ph.D. in Finance from Stanford University.

  • Professor John Y. CAMPBELL

    Professor John Y. CAMPBELL

     

    Morton L. and Carole S. Olshan Professor of Economics, Harvard University

    John Y. Campbell is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University, where he has taught since 1994. Campbell has published over 100 articles on various aspects of finance and macroeconomics, including fixed-income securities, equity valuation, portfolio choice, and household finance. His books include Financial Decisions and Markets: A Course in Asset Pricing (Princeton University Press 2018), The Squam Lake Report: Fixing the Financial System (with the Squam Lake Group of financial economists, PUP 2010), Strategic Asset Allocation: Portfolio Choice for Long-Term Investors (with Luis Viceira, Oxford University Press 2002), and The Econometrics of Financial Markets (with Andrew Lo and Craig MacKinlay, PUP 1997).
    Campbell delivered the Ely Lecture to the American Economic Association in 2016 and served as President of the American Finance Association in 2005. He is a Research Associate and former Director of the Program in Asset Pricing at the National Bureau of Economic Research, a Fellow of the Econometric Society and the American Academy of Arts and Sciences, a Corresponding Fellow of the British Academy and Honorary Fellow of Corpus Christi College, Oxford, and holds honorary doctorates from BI Norwegian Business School, the University of Maastricht, the University of Paris Dauphine, and Copenhagen Business School. Campbell is also a founding partner of Arrowstreet Capital, LP, a Boston-based quantitative asset management firm.

  • Professor Zhiguo HE

    Professor Zhiguo HE

     

    Fuji Bank and Heller Professor of Finance and Jeuck Faculty Fellow, Booth School of Business, University of Chicago and Senior Fellow, ABFER

    Zhiguo He is interested in the implications of agency frictions and debt maturities in financial markets and macroeconomics with a special focus on contract theory and banking. His recent research focuses on the role of financial institutions in the 2007/08 global financial crisis. He teaches an elective MBA course, “Chinese Economy and Financial Markets,” and is conducting academic research on Chinese financial markets including the stock market, local government debt, shadow banking, and interbank markets together with recent regulation changes. Professor He has also been writing academic articles on new progress in the area of cryptocurrency and blockchains.

    His research has been published in leading academic journals including the American Economic Review, Econometrica, the Review of Economic Studies, the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, and Management Science. He has been an associate editor for the Review of Financial Studies and Management Science and currently serves as an associate editor for the Journal of Finance. He serves as the guest editor of the Review of Finance for the “Special Issue on China” in 2020-2021.

    Professor He received his bachelor and master degrees from the School of Economics and Management at Tsinghua University before receiving his PhD from the Kellogg School of Management at Northwestern University in 2008. He has been named a 2014 Alfred P. Sloan Research Fellow, and has won numerous awards for his outstanding scholastic record, including the Lehman Brothers Fellowship for Research Excellence in Finance in 2007, the Swiss Finance Institute Outstanding Paper Award in 2012, the Smith-Breeden First Prize in 2012, and the Brattle Group First Prize in 2014. Before joining the Chicago Booth faculty in 2008, he worked as a stock analyst at the China International Capital Corporation in Beijing in 2001 and visited the Bendheim Center for Finance at Princeton University as a post-doctoral fellow.

    In Autumn 2015 Professor He was the Dean’s distinguished visiting scholar at Stanford University, Graduate School of Business, and in winter 2020 he is a visiting professor of finance at Yale University, School of Management. In January 2020, he testified at U.S.-China Economic and Security Review Commission (USCC) Hearing on “China’s Quest for Capital: Motivations, Methods, and Implications.”

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Session Format

Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussant and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.

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Agenda