“正午阳光——青年学者论坛”是金融学院定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！

2024年秋季学期 “正午阳光——青年学者论坛”第二期活动安排如下：

讲座题目：News Sentiment and the Cost of Debt

主讲人：王业东

王业东，南开大学金融学院助理教授，香港人工智能金融科技实验室博士后。研究领域为数字金融、系统性金融风险，在管理世界、世界经济、PBFJ等国内外权威期刊发表多篇论文。

点评人：付梦瑶

付梦瑶，澳大利亚迪肯大学信息系统与商业分析系讲师。博士毕业于香港城市大学信息系统系。研究领域为数字创新，特别是融合创新、创新传播、新兴创新以及可持续创新，在Journal of the Academy of Marketing Science (JAMS, FT 50 list), Information Systems Frontiers (ISF), and Journal of Information Technology (JIT) 等国际期刊发表多篇论文。

讲座时间：2024年10月17日（周四）12:00 - 13:30

讲座地点：金融学院116教室

内容摘要

Based on 4.4 million news from about 6000 newspapers, this paper investigates the relationship between news sentiment and the cost of debt. We find that news sentiment is negatively associated with firms’ offering yield spreads. News sentiment can affect the cost of debt from firm level and market level. Further research finds that since Chengtou firms, state-owned firms and firms in developed provinces have strong government support, the impact of news sentiment will be moderated. If the credit rating is higher, the debt ratio is lower or the cash ratio is higher, the impact of media sentiment will also be moderated. This paper further changes the lagged month, the explanatory and dependent variables, and aggregates the bond level analysis to the firm level. Propensity Score Matching and Instrumental Variables are used to address the potential endogeneity concerns. News sentiment still has a significantly negative impact on firms' cost of debt.