...Enrique A. Gomez; Frank Heflin; James R. Moon, Jr.; James D. Warren ABSTRACT Less-informed investors face greater costs of processing earnings news into actionable information. Our findings suggest financial analysis on social media reduces less-informed investors’ disclosure processing costs. We...

...Adam Booker; Asher Curtis; Vernon J. Richardson ABSTRACT We use posts on the investor-focused StockTwits social media network to generate new insights regarding investor disagreement, disclosure processing costs, and trading volume around earnings announcements. Using social media-based measures...

...James S. Ang; Charles Hsu; Di Tang; Chaopeng Wu ABSTRACT We examine whether social media criticisms posted by small investors can predict subsequent firm acquisition decisions. Specifically, we use textual analysis to examine the internet stock message board postings of 303 value-reducing...

...Kelly Huang; Meng Li; Stanimir Markov ABSTRACT We use employee predictions of their companies' six-month business outlook from Glassdoor.com to assess the information content of employee social media disclosures. We find that average employee outlook is incrementally informative in predicting...

...Michael J. Jung; James P. Naughton; Ahmed Tahoun; Clare Wang ABSTRACT We examine whether firms use social media to strategically disseminate financial information. Analyzing S&P 1500 firms' use of Twitter to disseminate quarterly earnings announcements, we find that firms are less likely...

... Conference, the 2016 Canadian Academic Accounting Association (CAAA) Annual Conference, and the 2017 Cass Business School and CeFARR Conference, “Corporate Communication through Social Media, Financial Portals and Corporate Pages—Trends, Challenges and the Future.” Partha S. Mohanram acknowledges financial...

... disclosure dissemination liquidity information asymmetry bid-ask spread Twitter social media Many studies find that public disclosure reduces information asymmetry. ¹ However, to the extent these disclosures are not disseminated...