报告题目：Hope or Hype?Mind the Trap
报 告 人：深圳大学李东辉教授
主办单位：金融系
报告时间：2026年5月18日 14:30-16:30
报告地点：东北大学浑南校区文管学馆B323
报告摘要：
This paper, based on data from Chinese A-share listed companies from 2012 to 2022, investigates the heterogeneous effects of disclosure hype on the trading behavior of different types of investors and its resulting wealth transfer effect. The study employs textual analysis to measure the extent of abnormal disclosure hype. The results show that disclosure hype is significantly positively associated with net buying by small investors and significantly negatively associated with net buying by large investors, indicating that hype-driven disclosure can trigger a wealth transfer from retail investors to institutional investors. This effect is more pronounced among firms with opaque information environments, weak corporate governance, and insufficient innovation capabilities. The study further finds that external recognition, such as government subsidies and procurement contracts, weakens this effect, suggesting that strengthening disclosure regulation and improving information transparency can help alleviate misleading trading and wealth misallocation in the market.
报告人简介：
李东辉，深圳大学经济学院会计与金融学教授，2001年获得澳大利亚新南威尔士大学金融学博士学位，2001年至2015年在澳大利亚悉尼新南威尔士大学工作，主要研究领域为公司财务和资本市场。其文章发表在顶级会计和金融期刊，包括Journal of Finance、Journal of International Business Studies、Journal of Financial and Quantitative Analysis、Journal of Corporate Finance、Journal of Banking and Finance、《经济研究》、《管理世界》等，曾被“爱思唯尔”评为2021年和2023年“高被引学者”。此外他还主持过澳大利亚国家研究基金和中国国家自然科学基金，他的政策咨询建议曾被中共中央办公厅接受，是全球政策研究所和智囊团高度引用的学者。
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