Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media

被引：574

作者：

Chen, Hailiang ^{[1
]}

De, Prabuddha ^{[2
]}

Hu, Yu ^{[3
]}

Hwang, Byoung-Hyoun ^{[2
,4
]}

机构：

[1] City Univ Hong Kong, Dept Informat Syst, Hong Kong, Hong Kong, Peoples R China

[2] Purdue Univ, Krannert Sch Management, W Lafayette, IN 47907 USA

[3] Georgia Inst Technol, Scheller Coll Business, Atlanta, GA 30332 USA

[4] Korea Univ, Sch Business, Seoul, South Korea

来源：

REVIEW OF FINANCIAL STUDIES | 2014年 / 27卷 / 05期

关键词：

WORD-OF-MOUTH; INFORMATION-CONTENT; EARNINGS; IMPACT; PERFORMANCE; SENTIMENT; SALES; NOISE; TALK; NEWS;

D O I：

10.1093/rfs/hhu001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Social media has become a popular venue for individuals to share the results of their own analysis on financial securities. This paper investigates the extent to which investor opinions transmitted through social media predict future stock returns and earnings surprises. We conduct textual analysis of articles published on one of the most popular social media platforms for investors in the United States. We also consider the readers perspective as inferred via commentaries written in response to these articles. We find that the views expressed in both articles and commentaries predict future stock returns and earnings surprises.

引用

页码：1367 / 1403

页数：37

共 56 条

[31] Hirshleifer D, 2009, HANDB FINANC, P1, DOI 10.1016/B978-012374258-2.50005-1
[32] Social interaction and stock-market participation
Hong, H
Kubik, JD
Stein, JC
[J]. JOURNAL OF FINANCE, 2004, 59 (01) : 137 - 163
[33] Contagious speculation and a cure for cancer: A nonevent that made stock prices soar
Huberman, G
Regev, T
[J]. JOURNAL OF FINANCE, 2001, 56 (01) : 387 - 396
[34] Information diffusion effects in individual investors' common stock purchases: Covet thy neighbors' investment choices
Ivkovic, Zoran
Weisbenner, Scott
[J]. REVIEW OF FINANCIAL STUDIES, 2007, 20 (04) : 1327 - 1357
[35] Individual investor trading and stock returns
Kaniel, Ron
Saar, Gideon
Titman, Sheridan
[J]. JOURNAL OF FINANCE, 2008, 63 (01) : 273 - 310
[36] Individual Investor Trading and Return Patterns around Earnings Announcements
Kaniel, Ron
Liu, Shuming
Saar, Gideon
Titman, Sheridan
[J]. JOURNAL OF FINANCE, 2012, 67 (02) : 637 - 680
[37] How Wise Are Crowds? Insights from Retail Orders and Stock Returns
Kelley, Eric K.
Tetlock, Paul C.
[J]. JOURNAL OF FINANCE, 2013, 68 (03) : 1229 - 1265
[38] Annual report readability, current earnings, and earnings persistence
Li, Feng
[J]. JOURNAL OF ACCOUNTING & ECONOMICS, 2008, 45 (2-3) : 221 - 247
[39] Word of mouth for movies: Its dynamics and impact on box office revenue
Liu, Yong
[J]. JOURNAL OF MARKETING, 2006, 70 (03) : 74 - 89
[40] When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10-Ks
Loughran, Tim
McDonald, Bill
[J]. JOURNAL OF FINANCE, 2011, 66 (01) : 35 - 65

← 1 2 3 4 5 6 →