【讲座时间】2023年10月19日 14:00
【讲座地点】会计学院108室
【讲座主题】Social media and the cost of debt financing: Evidence from stock forum text analysis
【嘉宾介绍】Joseph Zhang, The University of Memphis
Joseph Zhang, at The University of Memphis, is a professor of accounting with expertise in auditing, data analytics, and financial accounting. He has published over 40 peer-reviewed journal articles and has served as an associate editor or conference editor for Asian Review of Accounting, British Accounting Review, Journal of Forensic Accounting Research, and Managerial Auditing Journal.
【内容提要】
This study is to examine whether small investors’ social media activity is helpful for predicting subsequent bond credit spreads. We use extensive data of posts/comments on the internet stock message board – EastMoney Stock Forum thirty days prior to bond issuance announcement date to identify its predictive power and find that the number of posts/comments is negatively related to issuance spreads. We further find that information quality improvement of posts increases this predictive ability, and that posts directly related to issuers’ fundamentals and/or debt financing drive our main results. Additional tests show that the informational production role of social media activity is more pronounced when there is a greater demand for information quality. More interestingly, we find that social media activity is also related to bond covenants and bond issue size.
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