2021年9月14日学术报告通知

发布时间:2021-09-06

【报告主题The network of Social media analysts: measurement and consequences

【主讲嘉宾】新加坡国立大学 柯滨

【报告时间】2021年9月14日 15:30

【参与方式】中目

【内容提要】A small number of studies in the professional analyst literature has examined the network behavior of professional analysts, but one major obstacle to the development of this literature is the lack of data on the interactions among the professional analysts. Hence, prior research often construct professional analysts’ network based on the idea of homophily. With the rise of social media platforms in the recent decade, there is a new breed of financial analysts (referred to as social media analysts or SMAs) that serve the information need of individual investors on social media. Most of the SMAs are self-proclaimed investment gurus and hence they are fundamentally different from professional analysts whose primary clientele is institutional investors. One key advantage of social media platforms is that the interactions among the SMAs on social media can be fully captured by the platforms. The objective of this study is to employ proprietary data from one social media investing platform to construct the online network of the SMAs based on their actual interactions (the ground truth). We also follow prior research by constructing several alternative versions of the same underlying network based on homophily. We show that the true SMA network is very different from the SMA network proxies constructed based on homophily. We evaluate which homophy-based SMA network is more closely related with the true SMA network. Finally, we examine the consequences of the SMA network structure on SMA behavior.