时 间:2024年12月13日(周五)13:00-15:40
地 点:柳林校区诚正楼645、腾讯会议719-190-134
主持人:陈磊 教授(会计学院院长助理)
时间:13:00-13:40
报告1:Social Media Livestreaming: Investor Information or Persuasion?
报告人:邱璐(香港科技大学)
时间:13:40-14:20
报告2:The Spillover Effects of Environmental Lawsuits on Industry Peers
报告人:彭雪钒(新加坡管理大学)
摘要:We examine the spillover effects of high-profile environmental lawsuits on industry peers. We find that compared with control firms, industry peers experience a decrease in chemical releases and an increase in pollution-related disclosures after the lawsuits. These results are more pronounced for the industry peers whose stocks react more negatively to the lawsuits, those who have higher levels of chemical releases in the pre-lawsuit period, and those who are the peers of firms sued for damage to human health. Lastly, we provide confirmatory evidence that industry peers increase abatement activities after the lawsuits and experience a decline in financial performance, likely due to the increase in abatement costs.
时间:14:20-15:00
报告3:Impact of Social Media on Retail Investors’ Decisions: Evidence from an Emerging Market
报告人:刘思彤(香港中文大学)
摘要:In this study, I explore whether postings and discussions on Sina Weibo, the Chinese counterpart of Twitter, can predict forthcoming earnings news, as well as how such activity is related to stock return performance following the revelation of earnings news. The findings show that posting and discussion activities on Weibo can reflect upcoming earnings news. However, in contrast to findings from studies of Twitter postings and discussions in the United States, Weibo activity preceding earnings announcements is significantly and negatively associated with stock price. This finding suggests that Weibo activities represent pre-emptive market overreaction to news in the public domain. Further analysis indicates that such overreaction is driven by retail investors.
时间:15:00-15:40
报告4:Racial Disparities in the U.S. Mortgage Market: Evidence from Data Privacy Legislation
报告人:蔺祥瑜(曼彻斯特大学)
摘要:While digitizing personal financial data has facilitated data sharing between banks and their customers, various U.S. states have identified the need to protect consumers’ data privacy and progressively enacted data privacy protection laws to ensure data security and usage transparency. Using a Difference in-Difference-in-Differences model, we show that U.S. privacy legislation reduced racial disparities in mortgage lending as rejection rates for minority borrowers decreased by 18% more compared to non minority borrowers, and interest rates decreased by 2% more after enacting privacy legislation. The effects are driven by more data-driven mortgage decisions that rely on hard information and reduce the possibility of discriminatory practices, and wider mortgage offers by FinTechs in minority-dense and underserved banking areas, thereby broadening credit access for minorities and increasing financial inclusion.