{ "149582-21906724": { "datetime_modified":"20260803T142311", "datetime_start":"20260916T160000", "datetime_end":"20260916T170000", "has_end_time":1, "date_start":"2026-09-16", "date_end":"2026-09-16", "time_start":"16:00:00", "time_end":"17:00:00", "time_zone":"America\/Detroit", "event_title":"Optimal Contract, Delegated Investment, and Information Acquisition", "occurrence_title":"", "combined_title":"Optimal Contract, Delegated Investment, and Information Acquisition: Yuyang Zhang, UM", "event_subtitle":"Yuyang Zhang, UM", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"We study a model of delegated investment within a noisy rational expectations equilibrium framework. Portfolio managers can acquire costly private information about asset payoffs but incur portfolio management costs, and are compensated by investors to make investment decisions on their behalf. We show that the optimal contract features a benchmark component that mitigates the agency frictions arising from portfolio management costs. The precision of managers' private information is determined endogenously in market equilibrium, with private and public information acting as substitutes. As portfolio management costs increase, both the performance-based and benchmark components of the optimal contract become more sensitive to investment outcomes, while fewer private signals are incorporated into prices, reducing market informational efficiency. We further show that when a social planner places sufficient weight on the welfare of direct investors and liquidity providers, the socially optimal equilibrium achieves greater price informational efficiency than the decentralized equilibrium. The talk will focus on the interaction between optimal contracting, information acquisition, and market efficiency, together with the economic intuition underlying these results.", "occurrence_notes":null, "guid":"149582-21906724@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149582", "building_id":"1000166", "building_name":"East Hall", "campus_maps_id":"53", "room":"1360", "location_name":"East Hall", "has_livestream":0, "cost":"", "tags":["Mathematics"], "website":"", "sponsors":[ { "group_name":"Financial\/Actuarial Mathematics Seminar - Department of Mathematics", "group_id":"4890", "website":"" }, { "group_name":"Department of Mathematics", "group_id":"3791", "website":"" } ], "image_url":"", "styled_images":{ "event_thumb":"", "event_large":"", "event_large_2x":"", "event_large_lightbox":"", "group_thumb":"", "group_thumb_square":"", "group_large":"", "group_large_lightbox":"", "event_large_crop":"", "event_list":"", "event_list_2x":"", "event_grid":"", "event_grid_2x":"", "event_feature_large":"", "event_feature_thumb":"" }, "occurrence_count":1, "first_occurrence":21906724 } , "152053-21912770": { "datetime_modified":"20260913T104936", "datetime_start":"20260916T160000", "datetime_end":"20260916T170000", "has_end_time":1, "date_start":"2026-09-16", "date_end":"2026-09-16", "time_start":"16:00:00", "time_end":"17:00:00", "time_zone":"America\/Detroit", "event_title":"Student AIM Seminar: An Informal Discussion on the Evolving Role of AI in Mathematics: Perspectives on PDEs and Beyond", "occurrence_title":"", "combined_title":"Student AIM Seminar: An Informal Discussion on the Evolving Role of AI in Mathematics: Perspectives on PDEs and Beyond: Zaher Hani, Gokul Nair", "event_subtitle":"Zaher Hani, Gokul Nair", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"With recent headlines highlighting AI-assisted progress on the Navier-Stokes problem, questions about AI's capabilities \u2013 and how we attribute human vs. machine contributions \u2013 are more pressing than ever. Join us for an informal Q&A and open conversation with Professor Zaher Hani and our AI consultant Gokul Nair as we navigate this rapidly shifting landscape. Though it will take some time for the mathematical community to become familiarized with the results from last week, we invite you to bring questions about the foundational results that led to the recent breakthroughs as well as the broader impacts of AI on PDEs and mathematics as a whole.", "occurrence_notes":null, "guid":"152053-21912770@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/152053", "building_id":"1000166", "building_name":"East Hall", "campus_maps_id":"53", "room":"3088", "location_name":"East Hall", "has_livestream":0, "cost":"", "tags":["Applied Mathematics","Generative Ai","Mathematics"], "website":"https:\/\/sites.google.com\/umich.edu\/umich-siamstudentchapter\/home?authuser=0", "sponsors":[ { "group_name":"Student AIM Seminar - Department of Mathematics", "group_id":"4902", "website":"" }, { "group_name":"Department of Mathematics", "group_id":"3791", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/09\/event_152053_original-1.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/09\/event_152053_original-1.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/09\/event_152053_original-1.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/09\/event_152053_original-1.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/09\/event_152053_original-1.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_list\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_large\/media\/attachments\/2026\/09\/event_152053_original-1.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/09\/event_152053_original-1.png" }, "occurrence_count":1, "first_occurrence":21912770 } }