Academic Report of School of Mathematical Sciences [2026] No. 038

(Series Report for High-Level University Construction No. 1297)

Title：From Bytes to Bucks: The Influence of Social Media Commentary on Private Placement in Chinese Listed Companies

Speaker：Linyi Qian, Professor (East China Normal University)

Time：10:00-11:00, May. 7, 2026

Location：Tencent Meeting number:469237800

Abstract：Motivated by the rise of public comments on social media platforms, this study investigates the influence of social media commentary on corporate financing decisions, with a specific focus on private placements, utilizing text data sourced from Chinese stock boards. Leveraging advanced textual analysis techniques, including BERT and GPT, we identify sentiments associated with private placement attempts. Our findings reveal that companies targeted by negative social media commentary tend to experience unfavorable stock returns following the private placement announcement, and sentiments articulated by small investors can predict potential placement terminations. Moreover, these comments may impact the likelihood of regulatory approval, indicating their significance in corporate governance. Additionally, we observe that the predictive power of negative comments increases with their information quality. Overall, our investigation sheds light on the influential role of social media commentary in corporate governance, tapping into collective wisdom to reveal valuable insights.

Speaker Profile： Linyi Qian, Professor and Ph.D. advisor; Assistant Dean of the School of Statistics and Chair of the Department of Insurance and Actuarial Science at East China Normal University; Deputy Director of the China Inclusive Pension Finance Research Center; Shanghai Dawn Scholar; Certified Actuary (China); Managing Editor of the Journal of Applied Probability and Statistics; Deputy Director of the Financial Mathematics and Engineering and Actuarial Insurance Specialized Committees of the Chinese Society for Industrial and Applied Mathematics; Vice President of the Risk Management and Actuarial Branch of the Chinese Society for Field Statistics; Deputy Director of the Education Committee of the Insurance Society of China; Standing Council Member of the History and Culture of Statistics Branch of the Chinese Society of Field Statistics; Council Member of the Quantitative Finance and Insurance Branch of the Chinese Society of Operations Research and Economic Mathematics; Council Member of the Commercial Insurance Branch of the Chinese Society of Social Security; Council Member of the Insurance Society of China; and Council Member of the Shanghai Insurance Society. His research focuses on probability and statistics, and insurance actuarial science. He has published over 60 papers in journals such as the Journal of Econometrics, Bernoulli, Journal of Risk and Insurance, Insurance: Mathematics and Economics, Astin Bulletin, Scandinavian Actuarial Journal, and North American Actuarial Journal, as well as one monograph. He has led four national research projects and six provincial/ministerial-level projects; he has also served as a sub-project leader for one major national social science project and one key national natural science project. He has received the Third Prize of the Shanghai Swiss Re Actuarial Science Award, the Second Prize of the 11th National Outstanding Achievement Award in Statistical Research, the Shanghai Outstanding Doctoral Dissertation Award, and the Third Prize of the Shanghai Natural Science Award, among other honors.

Faculty and students are welcome to attend!

Invited by: Jingchao Li

School of Mathematical Sciences

May 7, 2026