“西交財會(huì )前沿論壇”2020年第2期 2020-09-21

題 目:  The Credibility of Crowdsourced Stock Analysis Reports

報告人：西南財經(jīng)大學(xué)會(huì )計學(xué)院 陳磊 副教授

時(shí) 間：2020年9月23日星期三下午15:00-:17:00

地 點(diǎn)：bwin必贏(yíng)唯一官網(wǎng)315

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2020年9月21日

報告摘要：

The rapid rise of crowdsourced investment platforms increases regulators’ concerns over the credibility of the information provided on such platforms. We examine the credibility of information on such new investment platforms by linking the contents of stock-analysis articles posted on SeekingAlpha.com to investors’ information search and trading activities. We predict that articles with contents that users can ex post verify are perceived as more credible by investors. We find strong evidence supporting this prediction: articles with more discussions of firms’ SEC filings and more references to reputable information sources (e.g., government websites and other heavily cited websites) using hyperlinks, generate significantly more investor downloads of SEC filings and higher trading volumes. We further predict that authors recommending selling a stock face a greater barrier to convince investors and have greater incentives to supply credible contents than authors recommending buying a stock, and investors likewise demand greater credibility from articles recommending shorting a stock than buying a stock. Again, our evidence is strongly consistent with these predictions. These findings are meaningful in light of regulators’ concerns over the benefits and risks of using information from crowdsourced platforms. Our evidence is also helpful to current and future investors in better identifying value-relevant credible information in crowdsourced research.

陳磊副教授簡(jiǎn)介

陳磊，西南財經(jīng)大學(xué)會(huì )計學(xué)院副教授、博士生導師、現代會(huì )計研究所所長(cháng)。入選四川省學(xué)術(shù)和技術(shù)帶頭人后備人選、西南財經(jīng)大學(xué)“光華百人計劃”。2012年獲荷蘭馬斯特里赫特大學(xué)金融學(xué)博士學(xué)位，2012-2014任英國倫敦政治經(jīng)濟學(xué)院會(huì )計系研究員。先后以獨立作者身份在JBE、JBFA等期刊上發(fā)表學(xué)術(shù)論文，其學(xué)術(shù)成果曾被包括Bloomberg 、The Harvard Law School Forum on Corporate Governance and Financial Regulation、Bernstein Litowitz Berger & Grossmann LLP' The Advocate for Institutional Investors以及中國青年報報道和轉載。陳磊副教授還擔任CAR、JBE等期刊匿名審稿人，以及中國管理現代化研究會(huì )青年工作委員會(huì )副秘書(shū)長(cháng)、成都市服務(wù)業(yè)發(fā)展專(zhuān)項資金專(zhuān)家、國家自然科學(xué)基金項目同行評議專(zhuān)家。