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  • 科學研究
    當前位置:  首頁 科學研究 科研活動 東財?會計與財務論壇(2022年第1期):黃蓉
    東財?會計與財務論壇(2022年第1期):黃蓉
    2021年12月29日

    報告題目:Market Reaction to CEOs' Dynamic Hemifacial Asymmetry of Expressions——A Machine-Learning Approach

    報告人:黃蓉

    報告時間:2022年1月3日(周一)9:30-11:30

    報告地點:騰訊會議(會議ID:386 483 598)

    主辦單位:東北財經大學會計學院

    【報告摘要】

    Neuropsychological studies propose that listeners unconsciously assess speakers’ trustworthiness via their facial expressions. Building on this theory, we investigate how investors respond to CEOs’ dynamic hemifacial asymmetry of expressions (HFAsy) shown on CNBC’s video interviews about corporate earnings. We employ a machine-learning approach of face-detection and facial-expression-recognition based on conventional neural network to measure CEOs’ dynamic HFAsy. Consistent with the neuropsychological prediction that facial asymmetry induces distrust, we document that the stock market reacts negatively to the CEO’s HFAsy shown on the interview video. We also find that the abnormal bid-ask spread around the interview date is positively associated with the CEO’s HFAsy. We further show that these effects are more pronounced for firms with weaker information environments. Finally, we document that analyst forecast revisions are negatively associated with CEOs’ HFAsy. Overall, our study provides evidence that investor trust and trading behavior are affected by the dynamic hemifacial asymmetry of expressions appeared on CEOs’ faces.

    【報告人簡介】

    黃蓉,現任復旦大學李達三講席教授,此前曾在長江商學院和美國紐約城市大學巴魯克學院執教,獲終身教授職稱。2006年畢業于德克薩斯大學達拉斯分校,獲會計學博士學位。黃教授是績效評估、薪酬設計、成本管理、企業估值和資本市場等領域的國際知名專家,曾在國際頂級會計學術期刊Journal of Accounting Research、The Accounting Review、Contemporary Accounting Research、Review of Accounting Studies發表多篇論文,其研究成果曾獲得美國會計協會最佳論文獎,并且在《金融時報》《經濟學人》《哈佛大學法學院論壇》《哥倫比亞大學法學院論壇》等國際著名媒體上專題轉載。


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