【讲座时间】2026年11月3日 14:00
【讲座地点】会计学院108室
【讲座主题】Smart Money in Cryptocurrencies
【嘉宾介绍】林文威，香港中文大学（深圳）
Wenwei Lin is an Assistant Professor of Accounting at Chinese University of Hong Kong, Shenzhen. He received his PhD degree in Accounting University of Minnesota in 2024. His recent work has studied issues related to trading innovation and friction, social media disclosure, corporate disclosure, and cryptocurrencies. His research has been published in Review of Financial Studies, and has been cited by numerous media outlets, including StarTribune, The FinReg Blog, and The Globe and Mail. His research has been mentioned by several U.S. Securities and Exchange Commission's (SEC) proposed rules, including Order Competition Rule and Regulation Best Execution.
【内容提要】
Do institutional investors remain the “smart money” in cryptocurrency markets, where private information channels are limited and valuation depends on fundamentally different information from traditional securities? We combine a novel dataset tracking the daily news consumption of U.S. investment firms from 2016 to 2022 with Google search activity by retail investors and estimate a model of information acquisition. We distinguish between headline news, which summarizes Bitcoin and broader crypto market movements, and driver news, which covers developments across the crypto ecosystem and the regulatory environment. We find that while both news types contain information about transitory variation in Bitcoin’s expected returns, nearly all information about the persistent component resides in driver news. Institutional investors devote greater attention to driver news than retail investors, allowing them to more precisely estimate the persistent component and retain an informational advantage. This advantage is larger than in equity markets and is more pronounced during market downturns.
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