主讲人Speaker: 钱文澜    教授     新加坡国立大学

时间Date & Time: 2025年7月3日（周四），上午10:00--11:30

地点Venue:粤海校区汇星楼565会议室

内容简介/ Abstract:

With fintech growth and smartphone adoption, e-wallets, which enable instant transactions while offering cash management products with financial returns, have become increasingly prevalent. Using a unique dataset from Alipay, the world’s largest e-wallet provider, we find that holdings in Yu’EBao—an investment product usable for payments—are less affected by interest rate changes than similar assets without payment functions. This effect is stronger for users who depend on Yu’EBao for daily spending, during peak payment periods, or among less experienced investors. Our findings show that Yu’EBao reduces retail fund flow to riskier assets by 7.7% for every one-percentage-point interest rate cut, dampening monetary policy transmission through the portfolio rebalancing channel.

主讲人介绍/Biography of the speaker：

Wenlan Qian is Professor of Finance and Real Estate and Ng Teng Fong Chair Professor in Real Estate at the NUS Business School, and director of the Institute of Real Estate and Urban Studies at the National University of Singapore. She is fellow of the Asian Bureau of Finance and Economics Research, Luohan Academy at Alibaba Group, and the Homer Hoyt Weimer School of Advanced Studies in Real Estate and Land Economics.  

Wenlan Qian's main research interests are household finance, real estate, digitization and FinTech, and financial intermediaries. Her research is accepted for publication at top academic journals such as American Economic Review, Journal of Financial Economics, Review of Financial Studies, Review of Economics and Statistics, American Economic Journal: Economic Policy, Management Science, Real Estate Economics, Journal of Financial and Quantitative Analysis, and Review of Finance. She is also the recipient of multiple prestigious external grants. Wenlan Qian holds a PhD in Business Administration from the Haas School of Business, University of California, Berkeley.