Title:Does Divergence of Opinions make better minds? Evidence from Social Media
Time:2021.6.17（周四）19:30-21:00
Presenter: Prof. Yang Junhong
About the presenter:
Junhong Yang is an associate professor in Finance at the school of Finance and Management, SOAS University of London. He currently serves as Director of MSc International Financial Management Programme. Junhong is also a fellow of the SOAS Centre for Global Finance and of the Centre for Research into Accounting and Finance in Context (CRAFiC). Junhong has published widely in the area of Finance and Economics. His research focuses on the Economics of Transition in China, Corporate Finance, Financial Technology and Social Media. Junhong has served as an academic consultant in the Asian Development Bank Institute (ADBI) and as a research fellow at the Institute of Public Finance, Croatia. He has been involved in different research proposals/projects, e.g., the UK-China ESRC-NSFC grant, the UKRI grant and the British Academy research grant. He also worked as a Marie Curie Host Fellow on a project funded by the European Commission's Framework 7 Industry-Academia Partnerships Programme (IAPP) grant.
Host:Prof. Bu Hui
Abstract:
We investigate whether disagreement on StockTwits provides firm-specific information. Using supervised machine learning approaches and a novel dataset, we predict investors' recommendations and measure disagreement among investors on StockTwits. Our findings suggest that an increase in investors' disagreement results in a drop in return synchronicity. The negative impact of investors' disagreement on return synchronicity suggests higher inflows of firm-specific information. In line with this view, we find that disagreement improves price informativeness by increasing the price leads of earnings. Further empirical evidence suggests that the negative impact of disagreement on return synchronicity is more pronounced for firms with less transparent information environments and higher salience on StockTwits.
The lecture will be held online via Tencent Meeting.
Click the link to join the meeting:https://meeting.tencent.com/s/YRFNexGGJMPd
ID：538 661 131
Pass code：210617
