题 目：Can Investors Benefit from the Wisdom of Crowds? Evidence from Wikipedia and Insider Trading
主讲人：徐心教授 （清华大学经济12BET、国家杰出青年科学基金获得者）
时 间：2014年11月18日（星期二） 下午3:30-4:30
地 点：主楼尾楼一层132会议室
主讲人简介：
    徐心，清华大学经济12BET教授，国家杰出青年科学基金获得者，信息系统协会中国分会（CNAIS）副主席。长期从事信息系统学科基础理论研究，主要研究领域包括IT商业价值、IT与公司治理和内控、社会媒体、资本市场信息环境等。在国际学术期刊和会议上发表论文50篇，其中8篇发表在Management Science，MIS Quarterly，Information Systems Research，Strategic Management Journal，Contemporary Accounting Research等管理学国际顶尖期刊。SSCI/SCI收录16篇，影响因子总计43。Web of Science引用700次，Google Scholar引用2000次。现担任Information Systems Research副主编、MIS Quarterly客座副主编，2012年获Information Systems Research年度杰出副主编奖（AE of the Year 2012）。
内容简介：
    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.