Social Media Governance: Disinformation Detection, User Moderation, and Newsfeed Regulation

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Description
Social media platforms can profoundly influence people’s beliefs and behaviors, with significant social and economic implications. However, the presence of inappropriate content on these platforms—including but not limited to misinformation, cyberbullying, and hate speech—can counteract potential benefits, leading to non-negligible

Social media platforms can profoundly influence people’s beliefs and behaviors, with significant social and economic implications. However, the presence of inappropriate content on these platforms—including but not limited to misinformation, cyberbullying, and hate speech—can counteract potential benefits, leading to non-negligible economic losses and negative societal consequences. It becomes imperative for social media platforms to implement effective governance strategies to control harmful content, moderate inappropriate users, and promote beneficial engagements. In my dissertation, I design IT artifacts and empirically evaluate the effectiveness of diverse strategies pertaining to social media governance. In the first study, I develop a well-justified machine learning system to detect financial disinformation published on social media platforms. Extensive analyses are conducted to evaluate the performance and efficacy of the proposed system. In the second study, I focus on user ban, a common but controversial moderation strategy. Specifically, I investigate the impacts of user bans on banned users’ content-generating behaviors (both quantity and quality). In the third study, I investigate the relationships across newsfeed channels on social media: social networks, algorithmic recommendations, and trending content. Prior literature has investigated the impacts on user-content engagement within each channel. However, little is known about the relationships across these channels. In particular, I study how limiting content display from the social network channel can influence the quantity and the diversity of user-engaged content across channels. The three studies offer various theoretical implications and practical values.
Date Created
2024
Agent

市场参与者机构化视角下的上市公司AH股价格差异的实证研究

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Description
同一间中国上市公司的具有相同权利的普通股在中国内地A股市场和香港市场的交易价格会长期有持续的交易价差。本文试图在大陆和香港资本市场通过建立各种交易联通的机制的背景下,结合中国资本市场机构投资者参与程度提高的事实,通过机构投资者收益归因的12个因子分析来解释为何AH股产生不同价格的奇异现象。相较过往的学术文献,本文优化了研究对象和时间窗口,并且引入了事件分析和针对机构投资者的网上问卷调查。 笔者通过问卷调查,多元回归分析以及事件分析等不同研究,发现流动性仍然是机构投资者最为关注的决定AH股价差的因素。这一发现似乎与机构投资者的坚持长期持股的传统印象并不吻合,但近年随着指数投资,交易所上市基金(ETF)等对于底层资产流动性要求越发提高的投资产品越来越流行,机构投资者关注流动性,把交易流动性作为投资组合风险管理甚至选股的数量化因子也非常常见。但令人欣慰的是,上市公司本身的经营基本面情况,比如股权回报比率,公司的增长率都对于AH股的价差有显著影响,另外笔者列入多元回归分析的上市公司的公司治理因素,除了股息派发率以外,对于AH股的价差也有显著影响。本文的发现也进一步解释了另一个奇异现象:虽然H股长久以来对于对应的A股都是折价交易,但是在任何时段总有某些上市公司的AH股价差小于整体AH股价差,个别公司甚至会发生H股对于A股有所溢价这样的情况。
Date Created
2023
Agent

绿色信贷政策对企业融资的影响

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Description
2012年,《绿色信贷指引》发布,标志着成熟的绿色信贷政策体系的开始,该政策奠定了绿色信贷的基础。在绿色信贷政策的影响下,绿色企业是否能够扩大融资规模,降低融资成本,优化融资结构,使得资金向碳中和领域投入;通过该政策,银行信贷实现对社会投资的撬动,能否发挥积极作用;在双碳目标下,现行政策在实现碳中和方面能否起到新的关键作用,尤其是在清洁能源发电等碳中和重点行业;绿色信贷政策是否可通过技术升级推动高碳企业实现低碳转型尚未可知。 为回答上述问题,本文将2012年《绿色信贷指引》的颁布作为准自然实验,以上市公司为样本,运用双重差分模型考察绿色信贷政策对企业融资活动的影响。并就产权性质、行业特征、环境规制压力以及地区发展程度等维度,探讨绿色信贷政策对相关企业融资活动影响的差异性。并结合商业银行相关分行2014-2022年对公表内贷款数据,对绿色与非绿色信贷规模以及加权利率进行对比趋势分析。 最后以上述实证结果为依据,结合商业银行绿色信贷实践,得到本文的主要发现:一是绿色激励过低,绿色属性对于企业融资成本的降低,未能够超过融资期限对融资成本的降低;二是在碳中和重点行业,绿色信贷对社会融资总量的带动能力较弱,体现银行绿色信贷与其他融资此消彼长的现象;三是绿色信贷对重污染行业长期债务规模未有显著影响,反映该企业有其他融资方式的替代,向高成本融资转移;四是重污染企业可通过技术升级实现绿色转型。 在新的双碳背景下,对现行绿色信贷政策提出相关建议:一是完善政策体系,对绿色标准进行统一,企业绿色属性在融资端应给与更高激励;二是现行政策对两高一剩行业的限制与转型起到积极作用,但在推进碳中和领域中需要提升政策适用性;三是该政策后续要在推进转型金融领域发挥更重要作用。
Date Created
2023
Agent

CFO Outside Wealth and Financial Reporting Aggressiveness: Evidence from Real Estate Shocks

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Description
This study examines the effect of outside wealth on executives’ risk-taking in financial reporting. To investigate this question, I hand-collect data on Chief Financial Officers’ (CFO) real estate assets and use housing returns as a proxy for CFOs’ outside wealth

This study examines the effect of outside wealth on executives’ risk-taking in financial reporting. To investigate this question, I hand-collect data on Chief Financial Officers’ (CFO) real estate assets and use housing returns as a proxy for CFOs’ outside wealth changes. I find that CFOs who experience a large negative housing return become less aggressive in financial reporting, as evidenced by a lower likelihood of restatement. Additional tests show that this effect is driven by CFOs who have less diversified wealth portfolios, by younger CFOs, and by CFOs with more leveraged houses, suggesting that the reduced risk-taking behavior of CFOs stems from decreased diversification of personal wealth and increased career concerns after a negative shock to outside wealth. These findings highlight the important role of executive outside wealth in explaining their risk-taking behaviors.
Date Created
2023
Agent