Electronic Resource

Article - The Social Signal Volume 158, Issue C 103870

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We examine social media attention and sentiment from three major platforms:
Twitter, StockTwits, and Seeking Alpha. We find that, even after controlling for firm
disclosures and news, attention is highly correlated across platforms, but sentiment is

not: its first principal component explains little more variation than purely idiosyn-
cratic sentiment. Using market events, we attribute differences across platforms to

differences in users (e.g., professionals vs. novices) and differences in platform design

(e.g., character limits in posts). We also find that sentiment and attention contain dif-
ferent return-relevant information. Sentiment predicts positive next-day returns, but

attention predicts negative next-day returns. These results highlight the importance of
distinguishing between social media sentiment and attention across different investor
social media platforms. In the burgeoning social finance literature, nearly all papers
examine single platforms; our paper cautions that attention-related results from these
papers are more likely to generalize than results concerning sentiment.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

332.6 COO t

Penerbit

: Elsevier Academic Press., 2023

Deskripsi Fisik

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Bahasa

English

ISBN/ISSN

0304-405X

Klasifikasi

332.6 COO t

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

Volume 158, Issue C 103870

Subjek

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Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

Lampiran Berkas

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