一、题目：Identifying Economic Links Using Social Media

二、主讲人：

郭峰，上海财经大学公共经济与管理学院投资副教授、博士生导师、北京大学数字金融研究中心特约高级研究员。研究领域包括数字经济与数字金融、机器学习与大数据分析、公共经济学等范畴。在《经济研究》、《经济学季刊》、《管理世界》、《管理科学学报》、Journal of Economic Behavior & Organization、China Economic Review等中英文学术期刊上发表论文50余篇，出版学术专著3部，参著数部。主持国家社科基金青年、上海市哲学社会科学规划项目、博士后科学基金面上项目等课题10余项。

三、时间：2022年11月18日，星期五，上午10:00-11:30

四、地点： 腾讯会议155-301-033

五、主持人：彭俞超副教授，金融学院学术交流部主任

六、内容简介

This paper introduces a new method to identify whether there is an economic link between firms based on social media text. If investors discuss a firm extensively in the relevant social media subforums of another firm, this paper considers the two firms to have explicit or implicit economic links. To this end, this paper takes the sudden suspension of the IPO process of Ant Group, the world’s largest FinTech group, in November 2020, as an exogenous shock and analyzes the economic consequences of social media connections (SMCs) between firms. The study finds that the suspension of Ant Group’s IPO has a negative impact on the stock prices of firms which have SMCs with Ant Group. The price spillover effect remains consistent for firms with SMCs after multiple robustness, placebo, and exclusivity tests. Additionally, the SMC also has real effects, such as corporate investment and financial asset investment.