题　目：Impact of Social Media Network Structure on Retail Investor Coordination: Evidence from Social Media Analysts’ Stock Recommendations

嘉　宾：陈昶宜, PhD Candidate, National University of Singapore

主持人：张括 副教授 上海交通大学安泰经济与管理学院

时　间：2023年12月07日（周四）09:00-10:30

地　点：上海交通大学 徐汇校区安泰楼A305室

内容简介:

This study examines the impact of a social media investment community’s network structure on short-term stock market reactions to buy recommendations issued by social media analysts (SMAs), who are opinion leaders of such social media investment communities. Consistent with social learning theories but inconsistent with social utility theories, I find that SMA-centered social media communities with sparser networks elicit more positive short-term stock market reactions. Consistent with social learning theories, the effect is stronger for SMAs who have issued higher quality stock recommendations and attract followers with fewer offline interaction opportunities. Supporting the noise trader theories, the impact of network structure is stronger for stocks with greater limits to arbitrage. Preliminary evidence suggests that a portion of the network effect is an over-reaction as evidenced by the subsequent reversal of stock prices.

演讲人简介：

Changyi Chen is a PhD candidate from National University of Singapore (NUS). Prior to joining NUS, he obtained his bachelor degree in statistics and economics (double majors) from the University of Hong Kong. His research interest includes capital market, management accounting, social networks and digital transformation.

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