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Wisdom of the Employee Crowd: Employer Reviews and Stock Returns

演讲题目：Wisdom of the Employee Crowd: Employer Reviews and Stock Returns

时间：2017年12月28日（周四），12:20-1:20

地点：博学楼918

主讲人介绍：Dexin Zhou is an Assistant Professor in Economics and Finance at Zicklin School of Business, Baruch College. He received his BA from Bard College and PhD in Finance from Emory University’s Goizueta Business School. His research interests are mainly in behavioral finance, empirical asset pricing and institutional investors. His research has been presented at AFA, WFA, and Miami Behavioral Finance Conference and has been cited by The Economist, Financial Times and Wall Street Journal.

摘要：We find that firms experiencing improvements in crowd-sourced employer ratings significantly outperform firms with declines. The return effect is concentrated among reviews from current employees, and it is stronger among early firm reviews and when the employee works in the headquarters state. Decomposing employer ratings, we find the return effect is related to changing employee assessments of career opportunities and views of senior management and unrelated to work-life balance. Changing employer reviews predict contemporaneous growth in sales and profitability and help forecast one-quarter ahead earnings announcement surprises. The evidence is consistent with employee reviews revealing fundamental information about the firm.