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

被引：563
|
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
收藏
页码：1367 / 1403
页数：37
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