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12.27 会计与财务研究论坛（13）
发布时间：2017-12-22
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演讲主题：Who benefits from information dissemination of social media?
讲座时间：2017年12月27日10：30—12：00
讲座地点：后主楼1620
演讲嘉宾：薛健，清华大学经济管理学院会计系长聘副教授，教育部青年长江学者
主 持 人：郝颖，北京师范大学经济与工商管理学院会计系教授
Abstract: We examined the information dissemination role of social media in capital markets by using Chinese intraday trading data from 2010 to 2016. To isolate the information dissemination impact of social media in capital markets from the information content of public earnings announcements, we take advantage of the news released by Microblog (the Chinese Twitter) after earnings is officially announced. We focus on one-trading-hour market reaction after Microblog announcement, and find that news released by Microblog can trigger market reactions; the more detailed Microblog news and the more audience of a Microblog account, the stronger the market reaction. We also find that the market reaction is mainly driven by small investors. Compared to large investors, small investors make stronger market reactions; small investors also react more to /Microblog news with more detailed format and larger size of audience. Small investors can get more profits (or lose less) for firms with Microblog earnings news accompanied than without. In all, the findings in this study can help us better understand the dissemination role of social media in capital markets, especially its positive effect on small investors.
嘉宾简介：薛健，女，1998年获清华大学金融学士学位，2000年获清华大学金融硕士学位，2006年获美国卡耐基梅隆大学泰珀商学院会计博士学位。2006-2007年任香港科技大学会计系助理教授。现为清华大学经管学院会计系长聘副教授，教育部青年长江学者，国家优秀青年基金获得者。
曾获孙冶方金融创新奖、清华大学学术新人奖、卡耐基梅隆大学赫伯特•西蒙（Herbert Simon）优秀毕业论文奖。研究领域为财务会计、金融市场信息利用、股票分析师行为。近年来在《金融研究评论》（Review of Financial Studies）《会计与经济研究》（Journal of Accounting and Economics）《量化金融与会计评论》（Review of Quantitative Finance and Accounting）等国内外期刊发表过多篇学术论文。现为China Journal of Accounting Studies编委。曾任《金融评论》（Review of Finance）等刊物匿名审稿人。
教授会计学原理（本科、硕士、EMBA）、会计与资本市场（博士）。曾获清华大学第六届本科生“清韵烛光-我最喜爱的教师”、清华大学青年教师优秀奖、首届清华大学年度教学优秀奖、多次获得经管学院教学优秀一等奖。
讲座时间：2017年12月27日10：30—12：00
讲座地点：后主楼1620
演讲嘉宾：薛健，清华大学经济管理学院会计系长聘副教授，教育部青年长江学者
主 持 人：郝颖，北京师范大学经济与工商管理学院会计系教授
Abstract: We examined the information dissemination role of social media in capital markets by using Chinese intraday trading data from 2010 to 2016. To isolate the information dissemination impact of social media in capital markets from the information content of public earnings announcements, we take advantage of the news released by Microblog (the Chinese Twitter) after earnings is officially announced. We focus on one-trading-hour market reaction after Microblog announcement, and find that news released by Microblog can trigger market reactions; the more detailed Microblog news and the more audience of a Microblog account, the stronger the market reaction. We also find that the market reaction is mainly driven by small investors. Compared to large investors, small investors make stronger market reactions; small investors also react more to /Microblog news with more detailed format and larger size of audience. Small investors can get more profits (or lose less) for firms with Microblog earnings news accompanied than without. In all, the findings in this study can help us better understand the dissemination role of social media in capital markets, especially its positive effect on small investors.
嘉宾简介：薛健，女，1998年获清华大学金融学士学位，2000年获清华大学金融硕士学位，2006年获美国卡耐基梅隆大学泰珀商学院会计博士学位。2006-2007年任香港科技大学会计系助理教授。现为清华大学经管学院会计系长聘副教授，教育部青年长江学者，国家优秀青年基金获得者。
曾获孙冶方金融创新奖、清华大学学术新人奖、卡耐基梅隆大学赫伯特•西蒙（Herbert Simon）优秀毕业论文奖。研究领域为财务会计、金融市场信息利用、股票分析师行为。近年来在《金融研究评论》（Review of Financial Studies）《会计与经济研究》（Journal of Accounting and Economics）《量化金融与会计评论》（Review of Quantitative Finance and Accounting）等国内外期刊发表过多篇学术论文。现为China Journal of Accounting Studies编委。曾任《金融评论》（Review of Finance）等刊物匿名审稿人。
教授会计学原理（本科、硕士、EMBA）、会计与资本市场（博士）。曾获清华大学第六届本科生“清韵烛光-我最喜爱的教师”、清华大学青年教师优秀奖、首届清华大学年度教学优秀奖、多次获得经管学院教学优秀一等奖。
北京师范大学经济与工商管理学院会计系