讲座题目：Market Reaction to CEOs’ Dynamic Hemifacial Asymmetry of Expressions

主讲人：复旦大学 黄蓉 教授

讲座时间：2021年11月24日（周三）下午15：00

线上平台：腾讯会议895 978 597

主办单位：会计与财务系、会计研究中心

主讲人简介:

黄蓉教授，复旦大学管理公司李达三讲席教授，博士生导师，主要研究领域包括绩效评估、薪酬设计、成本管理、企业估值及资本市场。目前担任Journal of Accounting, Auditing and Finance副主编，以及Management Accounting Research编委，同时也是美国会计学会管理会计分会（AAA-MAS）成员。黄蓉教授的文章发表在顶尖会计学、管理学期刊，包括The Accounting Review、Journal of Accounting Research、Review of Accounting Studies、Production and Operations Management和Contemporary Accounting Research等。其成果被中国科技网、金融时报、经济学人等经济、金融和科学媒体报道。黄蓉教授于2006年获得美国德克萨斯大学达拉斯分校管理科学（会计方向）博士学位。

论坛摘要：

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.