【Speaker】Xue JIAN, Associate Professor, Department of Accounting，School of Economics and Management, Tsinghua University

【Topic】Who Benefits from Information Dissemination of Social Media?

【Time】Thursday, Dec. 22, 13:30-15:00

【Venue】Room 404, Weilun Building, Tsinghua SEM

【Language】English/Chinese

【Abstract】We examined the dissemination role of social media in capital market by using Chinese intraday trading data from 2010 to 2014. To isolate the dissemination role of Microblog from information content of official earnings announcement by Juchao, we take advantage of the news released by Microblog shortly after those disclosed by Juchao. We find that news released by Microblog can trigger market reactions and results are mainly driven by small investors. Small investors could make more timely and fully reaction to the financial news released by Microblog, and can earn more profits. In all, the findings in this study can help us better understand the dissemination role of social media in capital market. In addition, we can understand the positive effect of social media on small investors.