题目：When Opinion Leaders Post, Investors Listen: Evidence from Stock Market Forums

演讲人：严硕（南方科技大学 助理教授）

时间：2021年4月27日（周二）12:00-13:00

地点：同济大厦A楼306室

摘要：

In this study, we examine the effects of opinion leaders’ posts on investor disagreement using data from two stock forums. By matching the same stock announcement post on the two forums at the same time and exploiting a difference-in-difference setting, we find that the post trends with emergence of opinion leaders have lower disagreement level than their peers, and this effect is more pronounced when the opinion leaders demonstrate stronger opinion polarity. Also, the opinion polarity level of opinion leaders for the announcement negatively correlates with the duration of persistency increase in abnormal trading volume after the stock announcements published. These findings suggest that investors condition their beliefs on what opinion leaders are saying and the emergence of opinion leaders contribute to faster belief convergence and more efficient prices or information cascades.

演讲嘉宾简介：

严硕助理教授于2016年毕业于意大利博科尼商学院（Bocconi University）, 获金融学博士。此前她分别在荷兰阿姆斯特丹大学和山东财经大学获得金融学硕士及学士学位。 她的主要研究方向为银行信贷，公司金融，行为金融学。严硕的研究成果宣讲于美国金融学年会（AFA）、国际信息系统会议（ICIS）、国际金融管理协会年会(FMA)、欧洲经济学年会（EEA）和欧洲金融管理学年会（EFMA）等国际顶级学术会议上。严硕现主持国家自然科学基金（青年基金）、广东省自然科学基金、深圳市软科学项目和深圳市高校稳定支持项目等科研项目。