主讲人：David McLean（美国乔治城大学）
讲座摘要： Social media can change how short sellers impact stock prices. We study 75.1 million investment related social media posts for 3,683 unique Chinese firms. Prior to high short interest, social media tone is abnormally positive. Once highly shorted, the tone flips and is abnormally negative. No such pattern exists with traditional media. Compared to firms that are just highly shorted, highly shorted firms with rise-then-fall patterns in social media tone have abnormal returns that are 1.8x higher before, and 3.3x lower after, the initiation of high short interest. Evidence from natural experiments involving China’s introduction and subsequent suspensions of shorting also suggest social media manipulation. Our findings show that in the realm of social media, short sellers may profit more by creating mispricing than by correcting it.
时间：7月7日（星期三），晚上19：00-20：30
线上会议：腾讯会议（会议号：893 266 500）
主讲人简介： David McLean教授是乔治城大学 McDonough 商学院教授，他的研究方向为资本市场的不完备性及其对资产价格与公司治理所产生的影响。McLean教授在国际知名期刊发表了大量文章，如 Journal of Finance、Journal of Empirical Finance 和Review of Financial Studies等。他的研究成果荣获了the Amundi Smith Breeden Award for the best paper in Journal of Finance、the Jensen Prize for the best paper in the Journal of Financial Economics、the Q-Group’s Roger Murray Prize for quantitative research in finance 等多个奖项。McLean教授还担任Management Science 等知名学术期刊的编委会成员。
主办：中国互联网经济研究院
此次讲座获得北京高等学校卓越青年科学家计划资助（BJJWZYJH01201910034034），特此致谢。
附件为讲座论文。
