2020年5月20日学术报告通知

发布时间:2020-05-18


嘉宾介绍:

Dr. Ke is a Professor of Accounting, Provosts Chair, and Director of Asia Accounting Research Centre at the NUS Business School since 2015. He is a holder of the prestigious Chang Jiang Scholartitle awarded by Chinas Ministry of Education and the Li Ka Shing Foundation . He was the President of the Chinese Accounting Professors Association of North America, a leading academic organization that promotes high-quality accounting research on China, the Asia Pacific region, and other emerging market economies.

 

Dr Kes primary teaching interests include financial accounting principles, financial statement analysis, and doctoral seminars on empirical financial accounting research. He has also taught U.S. federal income taxation.

 

Dr. Kes primary research interests focus on the economic forces that determine the production and use of accounting information in business decisions. He is interested in using interdisciplinary approaches to tackle todays complex business problems. Examples of his research include earnings management, insider trading, institutional investors, and financial analysts. Dr. Kes recent research focuses on financial reporting, managerial incentives, and investor protection in emerging markets with a particular focus on China. His research has been published in all major accounting journals, including The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Review of Accounting Studies, and Contemporary Accounting Research.


内容提要:

Investors are increasingly tapping into social media for financial advice (Beals 2012; Huang 2015; Langton 2015), giving rise to the emergence of Social Media Analysts (SMAs), who analyze stocks and provide financial advice on social media. However, due to low barrier of entry, social media is replete with both valuable information and noises. The study examines when and why social media provides accurate or inaccurate information by studying stock coverage and accuracy of SMAs. We find that SMAs produce more content and explicit stock recommendations for the stocks with high investor attention but not for the stocks with high information asymmetry. However, the stock recommendations for stocks with high investor attention are not associated with higher future abnormal returns. We also find that accurate stock recommendations do not receive more “likes” from investors, and accurate SMAs do not get more revenues from selling their paid content, which suggests that investors on social media do not have the ability to distinguish valuable stock tips from noises. Consequently, accurate SMAs do not have a longer survival time on social media. Further, we exploit an exogenous variation in investor attention due to measurement error for stocks whose names have ambiguous meanings, and find similar results. Overall, our study suggests that social media may not provide high quality information when the audience are not sophisticated enough to  judge the quality of information.