Recently, the collaborative paper by Associate Professor Wang Ziyue from the School of Fintech at DUFE, co-authored with Professor Zhigang Qiu from Renmin University of China, has been formally accepted for publication in Management Science, a top international journal.

Title:

The Boundary of Open Data: Implications for the Financial Market and Real Efficiency

Abstract:

We analyze the optimal boundary for open data in an economy where financial and real-sector participants access both open and private data. The distinctive features of open access and nonrivalrous usage of open data enable its dual roles as a public information source and innovation input but raise privacy concerns. Our model reveals a novel tradeoff: Although enhanced private data precision and data skills substitute for open data’s information source role, its ability to amplify innovation benefits (via improved investment efficiency) establishes a crucial complementary relationship. This induces a crowding-in effect on the optimal open data boundary under low uncertainty but a crowding-out effect under high uncertainty. The innovation role of open data further generates nonmonotonic effects, yielding complex nonlinear impacts on market and real efficiency. These findings highlight critical policy tradeoffs in balancing innovation, market efficiency, and privacy in the digital age.

PDF download:

https://pubsonline.informs.org/doi/pdf/10.1287/mnsc.2023.03679

Funding:

Z. Wang acknowledges financing from the National Natural Science Foundation of China [Grants 72442025 and 72272028] and the Graduate Education Reform of Dongbei University of Finance and Economics [Grant yjzd202309]. Z. Qiu acknowledges financing from the Major Program of the National Natural Science Foundation of China [Grant 72192804] and the National Key Research and Development Program of China [Grant 2023YFC3304701].

Management Science is a monthly journal published by the Institute for Operations Research and the Management Sciences (INFORMS). It focuses on interdisciplinary research that makes significant theoretical or empirical contributions to management practice, covering fields such as accounting, business strategy, decision analysis, finance, information systems, marketing, and operations management. As one of the globally recognized UTD24 top business journals (a benchmark list of 24 international premier journals in business and management), it enjoys extremely high academic prestige and influence.

This paper marks a landmark achievement in the internationalization and high-quality development of research outputs from DUFE’s School of Fintech. It is of great significance for further enhancing the influence of both DUFE and its Fintech discipline at home and abroad.

Written by: Zhao Penghui

Source: School of Fintech