【讲座时间】2025年5月13日 15:45
【讲座地点】会计学院108室
【讲座主题】Expert Networks as Information Intermediaries in Private Markets
【嘉宾介绍】Joseph Pacelli，Harvard Business School
Professor Pacelli’s research primarily focuses on the role of information intermediaries (such as analysts, media, and social media) in capital markets. His research has examined how such intermediaries impact markets, the factors that limit the quality of information that such parties provide to markets, and potential mechanisms that can improve information quality from these parties. Similarly, his research has also examined the factors that influence how companies produce financial information, often focusing on the impact of technology and labor market frictions. His research has been published in leading academic journals such as the Journal of Finance, Review of Financial Studies, Journal of Accounting and Economics, Journal of Accounting Research, The Accounting Review, Review of Accounting Studies, Management Science, and the Journal of Financial Intermediation. His research has also been featured and cited in various media outlets including the New York Times, Wall Street Journal, CNBC, Yahoo! Finance, Bloomberg, and Business Insider. Professor Pacelli holds a Ph.D. in Accounting from Cornell University, and graduated from Georgetown University with a bachelor’s degree in Finance and Accounting. Prior to graduate school, he worked in corporate and investment banking.
【内容提要】
This paper examines how expert networks function as information intermediaries in private capital markets. The global expert network industry now exceeds $2.3 billion in annual revenue and holds growing economic importance, yet research on how these networks influence investment outcomes remains limited. We analyze a comprehensive dataset of expert network calls from a provider regarding private firms from 2018 to 2024, merged with private equity transaction data from Pitchbook. Our findings reveal that private firms subject to expert network calls are approximately 60% more likely to subsequently raise capital, and transactions preceded by expert network calls raise 73% more capital than those without such calls. Examining call content, we find that sentiment in expert responses predicts both higher deal probability and larger capital commitments, while investor question sentiment shows no such association. Our evidence suggests that expert networks help overcome information asymmetries in private markets, a setting where traditional information intermediaries have limited presence, by facilitating the transfer of specialized knowledge. These findings contribute to our understanding of information intermediation in capital allocation decisions and private market investment processes.
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