会计系学术报告

时间：2025年9月25日 （星期四） 13:00 -14: 30

地点：同济大厦A楼305教室

英文PPT，中文报告

Social Media Livestreaming: Investor Information or Persuasion?

Abstract: Regulators around the world endeavor to reduce search costs and enhance financial education among retail investors. In line with this goal, Chinese regulators recently began allowing mutual funds to use social media livestreams to deliver video presentations and interact with viewers. We analyze over 27,000 livestreams to investigate whether they accomplish regulators’ intended goal of improving investment decisions. Our findings indicate that livestreams drive significant inflows, even within minutes of their start times. However, contrary to their educational objective, livestreams exacerbate retail investors’ tendencies to chase past returns and predict sharp declines in subsequent fund performance. Investors who buy in response to livestreams would earn higher returns by investing in index funds or even holding cash. Further analyses using deep learning algorithms find that livestreams drive greater inflows when speakers are more physically attractive, use more positive language, and sound more excited. We conclude that livestreams primarily function as persuasive advertising and that regulators should be wary of educational efforts led by sellers of consumer financial products. We also conclude that prior findings about the benefits of firms’ social media use in equity markets do not extend to financial product markets in our setting.

演讲人介绍：Allen Huang（黄昊）教授现任香港科技大学商学院会计系教授和系主任、商业与社会分析中心副主任、新兴市场研究所研究员、香港科技大学高等研究院复杂量子系统中心教授、利丰供应链研究院研究员、亚洲金融经济研究局研究员、香港金融管理局数字货币专家组成员。黄昊教授于2001年获得北京大学电子学学士学位，2007年获得杜克大学工商管理会计学博士学位。黄昊教授的研究涉及金融文本中的大语言模型和其他自然语言处理以及证券监管。他的研究成果发表在众多顶级商业期刊上，并被 CNBC、《经济学人》、《金融时报》和《哈佛商业评论》等多家媒体报道。他担任Journal of Business, Finance and Accounting（JBFA）主编。黄昊教授目前在香港科技大学的多个高管教育、EMBA、MBA 和本科课程中讲授商业大数据和人工智能、加密货币和区块链以及管理会计。在从事学术研究之前，黄教授曾在雷曼兄弟和巴克莱资本担任定量股票分析师。