Abstract
This study builds the causal link between the online media and finance market using the context of Chinese stock market. We find that, ranking higher in a typical daily market report causes a stock to have 10% more chance to open higher on the second day than those lower ranked stocks. We further find evidence that this impact of social media reflects a bias rather than a rational expectation, and the effect is stronger when more stocks reach the price limit. However, this effect disappears when investors are given more time to think.
| Original language | English |
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| Title of host publication | ICIS 2020 Proceedings |
| Publisher | Association for Information Systems |
| Volume | 3 |
| Publication status | Published - 18 Nov 2020 |
| Event | 2020 International Conference on Information Systems (ICIS) - Online Duration: 13 Dec 2020 → 16 Dec 2020 https://aisel.aisnet.org/icis2020/social_media/social_media/6/ |
Conference
| Conference | 2020 International Conference on Information Systems (ICIS) |
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| Period | 13/12/20 → 16/12/20 |
| Internet address |