讲座题目：Does Divergence of Opinions make better minds?Evidence from Social Media？

主 讲 人 ：谢菲尔德大学管理学院 杨俊鸿 副教授

讲座时间：2023年7月10日（周一）上午10：00

讲座地点：江湾楼 336 晨星厅

主办单位：77779193永利集团金融创新研究中心

主 持 人 ：77779193永利集团 吴庆田 教授

摘 要：

We study the extent to which differences in investor opinions on the social media investing platformconvey firm-specific information. By employing supervised machine learning techniques, we analyze more than 12 million ideas on 1562 firms posted by 162,836 unique investors on StockTwits to predict investors’ recommendations and measure the degree of disagreement among investors. Our analysis reveals that an increase in investors’ disagreement leads to a decrease in return synchronicity, indicating a higher influx of firm-specific information. Consistent with the price informativeness ex planation, we also find that disagreement enhances price informativeness by increasing the price leads of earnings. Furthermore, our empirical evidence suggests that the negative effect of disagreement on return synchronicity is more pronounced for firms with less transparent information environments and higher salience on StockTwits. Our results highlight two critical functions of disagreement among investors on StockTwits, i.e., information dissemination and information processing.

主讲人简介:

杨俊鸿，现任职于英国谢菲尔德大学（英国罗素大学集团, 红砖大学, 世界百强名校）管理学院金融系副教授，博士生导师，学院学生工作主要负责人（Director of Student Voice）。曾在英国伦敦大学亚非学院金融管理系担任副教授，博士生导师和金融管理硕士项目主任；主要研究领域为公司金融, 金融科技, 社交媒体金融, 近年在许多国际权威期刊发表学术论文10余篇及多篇会议论文和工作论文，多次在国际会议、研讨会作报告，并在多个国际知名期刊担任审稿人。曾参与欧盟委员会基金的研究工作（Marie Curie Host Fellowship）, 担任亚洲发展银行金融科技和普惠金融项目咨询顾问。