报告题目： Writing More Tweets or Making Better Forecast?
报告时间：2023年6月5日下午16：00
报告地点：科教楼B楼1008
报 告 人：舒海兵（上海交通大学安泰经济与管理学院）
主办单位：经济学院
内容摘要：
Using hand-collected data on analysts’ activities on WeChat, we investigate how career concerns affect analysts’ effort allocation and their outcomes. We find analysts tend to write more tweets with more colorful expressions, promotion photos, and the number of words, chase hot stocks more timely, and leak more contents of research reports when approaching next Star contest voting period. The efforts on writing tweets significantly helps analysts’ career advancement, while conventional efforts like making more and better forecasts is useless. Instrumented by the number of months since last Star tournament, we find more effort on writing tweets leads to bolder but less accurate and informative earnings forecast and recommendations. Furthermore, distraction from tweets deteriorates firms’ information environment. Taking advantage of an exogenous shock which had led to the suspension of Star tournament, we find similar results using difference-in-differences analyses。
报告人简介:
舒海兵，上海交通大学安泰经济与管理学院金融学副教授（长聘），金融工程博士，毕业于中国科学技术大学，弗吉尼亚大学达顿商学院联合培养博士、博士后。曾在长江商学院，香港科技大学和业界任职。学术研究主要集中在实证公司金融、公司治理、金融市场和政治经济学领域，研究成果已发表在Journal of Financial Economics、Review of Financial Studies、Journal of Management Studies等学术期刊。目前主持国家自然科学基金面上项目2项，曾荣获亚洲金融学年会最佳论文奖和中国金融评论国际研讨会Emerald最佳论文奖等荣誉。
