科学研究
报告题目：Market Reaction to CEOs' Dynamic Hemifacial Asymmetry of Expressions——A Machine-Learning Approach
报告人：黄蓉
报告时间：2022年1月3日（周一）9:30-11:30
报告地点：腾讯会议（会议ID：386 483 598）
主办单位：东北财经大学会计学院
【报告摘要】
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.
【报告人简介】
黄蓉，现任复旦大学李达三讲席教授，此前曾在长江商学院和美国纽约城市大学巴鲁克学院执教，获终身教授职称。2006年毕业于德克萨斯大学达拉斯分校，获会计学博士学位。黄教授是绩效评估、薪酬设计、成本管理、企业估值和资本市场等领域的国际知名专家，曾在国际顶级会计学术期刊Journal of Accounting Research、The Accounting Review、Contemporary Accounting Research、Review of Accounting Studies发表多篇论文，其研究成果曾获得美国会计协会最佳论文奖，并且在《金融时报》《经济学人》《哈佛大学法学院论坛》《哥伦比亚大学法学院论坛》等国际著名媒体上专题转载。
