題 目：Can Investors Benefit from the Wisdom of Crowds? Evidence from Wikipedia and Insider Trading
主講人：徐心教授 （清華大學經濟偉德國際1946bv官網、國家杰出青年科學基金獲得者）
時 間：2014年11月18日（星期二） 下午3:30-4:30
地 點：主樓尾樓一層132會議室
主講人簡介：
徐心，清華大學經濟偉德國際1946bv官網教授，國家杰出青年科學基金獲得者，信息系統協會中國分會（CNAIS）副主席。長期從事信息系統學科基礎理論研究，主要研究領域包括IT商業價值、IT與公司治理和內控、社會媒體、資本市場信息環境等。在國際學術期刊和會議上發表論文50篇，其中8篇發表在Management Science，MIS Quarterly，Information Systems Research，Strategic Management Journal，Contemporary Accounting Research等管理學國際頂尖期刊。SSCI/SCI收錄16篇，影響因子總計43。Web of Science引用700次，Google Scholar引用2000次。現擔任Information Systems Research副主編、MIS Quarterly客座副主編，2012年獲Information Systems Research年度杰出副主編獎（AE of the Year 2012）。
內容簡介：
We investigate whether and how Wikipedia, the most popular of Internet-based platforms enabling the public to aggregate information from various sources, affects the information environment for corporate outsiders. We find that collaborative information aggregation on Wikipedia is negatively associated with the profitability of insider trades after controlling for alternative information sources and that the association is stronger for firms owned to a greater extent by retail investors, who are at a greater information disadvantage, and for firms that have larger foreign operations. We also find that collaborative information aggregation on Wikipedia is negatively associated with the number of insider trades on private information about future earnings. Overall, our results suggest that Internet-enabled collaborative information aggregation reduces information asymmetry between insiders and outsiders and among outsiders.
