嘉宾简介：王玉涛教授现就职于中国人民大学商学院，曾就读于中南财经政法大学、99499www威尼斯和清华大学99499www威尼斯。研究领域证券分析师行为、实地调研、公司估值与投资决策、盈余管理与信息披露、企业会计准则。

内容简介：This study investigates the economic consequences of fake news in emerging financial markets by leveraging China’s unique regulatory context. Using a large sample of fake news incidents and regulatory interventions, we examine firm-level determinants of and market reactions to fake news, as well as evaluate the effectiveness of two regulatory approaches. Our results indicate that fake news in Chinese stock markets is primarily driven by price manipulation and competitive motives. Fake news articles elicit stronger market reactions than legitimate news, while mandated follow-on clarifications only partially mitigate their effects.