邱凉飞: Social Attention as a Reference Point: Evidence from a Field Experiment on a Cryptocurrency Trading Platform

报告时间：2024年07月25日（星期四）9:00-10:30 报告地点：腾讯会议 ID:318-685-120 报 告 人：邱凉飞 教授 工作单位：佛罗里达大学 举办单位：经济学院 报告简介： In the dynamic landscape of the digital economy, social trading platforms are experiencing rapid growth. Our study delves into the impact of changes in social attention—measured by the number of followers—on traders’ performance and behaviors. Through a randomized field experiment on a prominent cryptocurrency social trading platform, we unearth intriguing findings. Traders garnering increased social attention exhibit tendencies to trade more frequently, utilize higher leverage, and, surprisingly, attain poorer performance. Notably, these adverse effects intensify among traders who previously excelled, suggesting a link to overconfidence. Interestingly, our research uncovers a reference point effect associated with social attention. Removing accumulated social attention does not alleviate the negative consequences; instead, they persist. Additionally, we observe an extra adverse effect when traders experience a reduction in the digit magnitude of follower counts, supporting our hypothesis about social attention serving as a reference point. Our study carries significant implications for the design of social trading platforms. It serves as a crucial reminder for both traders and platform managers to carefully navigate the interplay between social attention dynamics and trading decisions. 报告人简介： Dr. Liangfei Qiu is the PricewaterhouseCoopers Professor and University Research Foundation Professor at Warrington College of Business, University of Florida. He also serves as the Ph.D. coordinator for the Department of Information Systems and Operations Management. His current research focuses on social technology (social networks, social media, and prediction markets), platform technology (sharing/gig economy, e-commerce platforms, and healthcare analytics), and telecommunications technology. His research has appeared in premier academic journals, including Information Systems Research (ISR), MIS Quarterly (MISQ), Production and Operations Management (POM), Journal of Management Information Systems (JMIS), and Decision Support Systems (DSS). He is currently a Department Editor for Decision Sciences Journal (DSJ), an Associate Editor for MISQ, a Senior Editor for POM, and an Associate Editor for DSS.