Areas of Expertise

Sell-Side Analysts, Regulation and Enforcement, Capital Markets, Voluntary Disclosure, Securities Litigation

Academic Degrees

• Ph.D., Accounting, Boston College, 2022
• B.S., Management (Concentrations in Accounting and Finance), Boston College, 2015

Professional Experience

• Assistant Professor, Indiana University, 2023-Present
• Acting Assistant Professor, Indiana University, 2022
• Research and Teaching Assistant, Boston College, 2017-2022
• Equity Research Associate, UBS Securities LLC, 2016-2017
• Assurance Associate, PricewaterhouseCoopers LLP, 2015-2016

Awards, Honors & Certificates

• Elijah Watt Sells Award Recipient, 2015
• Certified Public Accountant, New York (inactive)
• FINRA Series 7, 63, 86 87 (inactive)

Selected Publications

• Merkley, K., Pacelli, J., Piorkowski, M., and Williams, B. (2024). Crypto-Influencers. Review of Accounting Studies, 29(3), 2254-2297.

  Abstract

  Abstract

  This study examines the investment value of information provided by crypto-influencers, that is, social media influencers covering crypto assets on Twitter. We examine the returns associated with approximately 36,000 tweets issued by 180 of the most prominent crypto social media influencers covering over 1,600 crypto assets for the two years spanning through December 2022. Our primary results indicate that crypto-influencers’ tweets are initially associated with positive returns. However, these tweets are followed by significant negative longer-horizon returns, suggesting they generate minimal long-term investment value. These effects are most pronounced for tweets issued by crypto-influencers proclaiming to be crypto experts, for smaller cap crypto asset securities and for self-described experts with many Twitter followers. In an additional analysis, we use machine-learning methods to classify tweets and find that this pattern of results strengthens when the tweets have a more positive sentiment or relate to buy recommendations.

Edited on November 5, 2024