“西交财会前沿论坛”2020年第2期 2020-09-21

题 目:  The Credibility of Crowdsourced Stock Analysis Reports

报告人：西南财经大学会计学院 陈磊 副教授

时 间：2020年9月23日星期三下午15:00-:17:00

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2020年9月21日

报告摘要：

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.

陈磊副教授简介

陈磊，西南财经大学会计学院副教授、博士生导师、现代会计研究所所长。入选四川省学术和技术带头人后备人选、西南财经大学“光华百人计划”。2012年获荷兰马斯特里赫特大学金融学博士学位，2012-2014任英国伦敦政治经济学院会计系研究员。先后以独立作者身份在JBE、JBFA等期刊上发表学术论文，其学术成果曾被包括Bloomberg 、The Harvard Law School Forum on Corporate Governance and Financial Regulation、Bernstein Litowitz Berger & Grossmann LLP' The Advocate for Institutional Investors以及中国青年报报道和转载。陈磊副教授还担任CAR、JBE等期刊匿名审稿人，以及中国管理现代化研究会青年工作委员会副秘书长、成都市服务业发展专项资金专家、国家自然科学基金项目同行评议专家。