Judicial Specialization and Investment Frictions: the Wealth Management Market

张云齐

<p>Judicial specialization has become increasingly common across legal systems worldwide. This paper studies how judicial specialization affects investment product markets using the bank-issuing wealth management products (WMPs) in China as the empirical setting. We develop a simple theoretical model that highlights how stronger investor protection shapes equilibrium outcomes in the WMP market. Using manually collected data, we find that the staggered introduction of financial tribunals increases the risk and return of locally issued WMPs. The results are robust to various alternative explanations.&nbsp;</p>

2026-09-15 (Tuesday) 16:40-18:00

Room N302, Economics Building

中文

厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院

厦门大学经济学院金融系

系列讲座

陈老师2185109，xiaohongchen@xmu.edu.cn

王佑安

<p>张云齐，南开大学金融学院长任教授，博士生导师，南开大学百名青年学科带头人，主要研究领域为银行、公司金融、家庭金融，研究成果发表于Management Science，Journal of Financial and Quantitative Analysis 等多个国际顶级期刊，主持国家自然科学基金面上项目、青年项目、 教育部人文社科基金等多项课题，并担任 Management Science, Journal of Financial and Quantitative Analysis, Journal of Business Ethics, Journal of Banking and Finance 等国际知名期刊评委和多个国际会议评审委员会委员。</p>

高级金融经济学系列讲座2026年秋季学期第一讲（总125讲）