题　目：Employee Social Media Surveillance and the Cost of Equity: Evidence from the Social Media Privacy Laws

嘉　宾：陈治鸿，副教授，香港科技大学

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2026年6月24日（周三）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A407室

内容简介:

Firms increasingly rely on employees' social media information for screening and monitoring, suggesting that these practices may play an important role in managing human-capital-related firm risks. Exploiting the staggered enactment of state-level social media privacy laws (SMPLs) in a difference-in-differences design, we find consistent evidence that restrictions on these practices increase firms' risks, as the cost of equity rises by 43.4 basis points. The effect is more pronounced among firms where employee-related risks and labor adjustment frictions are likely more salient, including those with higher growth, greater reliance on skilled labor, greater exposure to talent retention risk, and higher vulnerability to cybersecurity risks. Additional analyses further support these mechanisms, as SMPL enactment is associated with higher systematic return volatility, weaker accounting performance, and more data leakage incidents. Overall, our findings highlight the use of employees' social media information as a risk-management tool in employee selection and oversight.

演讲人简介：

陈治鸿现任香港科技大学商学院会计学系副教授。主要研究方向是公司治理，信息披露，资本成本，以及会计信息和披露对实体经济的影响。研究成果发表在Journal of Accounting and Economics, The Accounting Review, Review of Accounting Studies, Journal of Financial and Quantitative Analysis, Journal of Law and Economics, Journal of Corporate Finance, Journal of Accounting and Public Policy, Journal of Accounting, Auditing, and Finance等国际权威期刊。

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