【讲座时间】2022年3月24日 14:00
【参与方式】线上（中目）
会议ID: 972 890 3654，会议密码: 565180 ，
会议链接:https://meeting.zomo.com.cn/j/9728903654
【讲座主题】Market Reaction to CEOs’ Dynamic Hemifacial Asymmetry of Expressions —A Machine-Learning Approach
【嘉宾介绍】 黄 蓉 ，复旦大学管理学院教授、博士生导师
博士毕业于美国德克萨斯大学达拉斯分校，2019年起担任复旦大学讲席教授，研究方向主要为绩效评估、薪酬设计、成本管理、企业估值、资本市场，研究成果主要发表于TAR、JAR、CAR、RAS等顶尖杂志。
【内容提要】
Neuropsychological studies propose that listeners unconsciously assessspeakers’ trustworthiness via their facial expressions. Building on this theory, weinvestigate how investors respond to CEOs’ dynamic hemifacial asymmetry of expressions(HFAsy) shown on CNBC’s video interviews about corporate earnings. We employ a machine-learning approach of face-detection and facial-expression-recognition based onconventional neural network to measure CEOs’ dynamic HFAsy. Consistent with theneuropsychological prediction that facial asymmetry induces distrust,we document that thestock market reacts negatively to the CEO’s HFAsy shown on the interview video. We alsofind that the abnormal bid-ask spread around the interview date is positively associated withthe CEO’s HFAsy. We further show that these effects are more pronounced for firms withweaker information environments. Finally, we document that analyst forecast revisions arenegatively associated with CEOs’ HFAsy. Overall, our study provides evidence that investortrust and trading behavior are affected by the dynamic hemifacial asymmetry of expressionsappeared on CEOs’ faces.
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