社交媒体、投资者信息能力与盈余预期——来自上证e互.PDF

社会性半生熟的、金融家交流能耐与顺差认为会发生
——来自某处“上证e 互相影响的平台的标准酒清晰的的
丁慧、常江路、黄海杰
复旦学院管理学院
摘要:金融家交流能耐,集市生产力的微观外延,这是晚近学会的独一热门题目和热门题目。。
此中缺少直线部分考试金融家的集市印象,本文应用呈送所“上证e 互相影响平
台湾与众不同的的试验细节,金融家交流能耐的交替对M清晰的的的印象。本文发送
现,社会半生熟的细节下金融家交流能耐的交替,盈余预测
某一时代的更新效应。本文还发明机构持股平衡越低。,这种盈余预某一时代的更新效应越
强。本文的裁决表白,应用交流技术前进金融家交流能耐,如此的的城市
场生产力的前进可以追加的名人的功能。这项谈论非但仅是为了
集市生产力的谈论供应了独一新的剖析视角。,它还为金融家供应交流能耐。、供应社会性半生熟的和停止热点问题。
新的实际解说与体验标准酒清晰的的。
关键词:社会性半生熟的;金融家交流能耐;顺差认为会发生;集市生产力
Social Media, Investor Sophistication and Earning Expectation:
Evidence from SSE E-Interaction
Ding Hui, Changjiang 吕 and Haijie Huang
(学院) of Management, Fudan 学院)
Abstract: Investor sophistication, as the micro-component of market efficiency, is the hot issue of
academic 谈论。 Regarding the lack of the direct test on the market effect of investor
sophistication in the existing research achievement, we study the effect of the investor change on
the 清晰的 of market earning expectation under the help of SSE online platform “SSE
E-Interaction” which provides a natural experiment 细节。 We find that the investor
sophistication change due to social media technology can improve the 清晰的 of market earning
expectation significantly, which indicates the effect of market earning expectation 修正。
We further find the effect of market earning expectation modification can be stronger when the
institutional ownership goes 较低。 Our finding implies it is an important method of improving
market efficiency to enhance investor sophistication which complements the effect of institutional
investors on the market 生产力。 Our research work not only provides a new view on the market
efficiency, but also provides some new theoretical analysis and 穆罕默德后裔的尊称

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