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Social Interaction and Market Reacti...

University of California, Irvine.

Social Interaction and Market Reaction to Earnings News.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Social Interaction and Market Reaction to Earnings News./
Author:	Wang, Qiguang.
Description:	1 online resource (91 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
Contained By:	Dissertation Abstracts International79-02A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355238815

Social Interaction and Market Reaction to Earnings News.
Wang, Qiguang.

Social Interaction and Market Reaction to Earnings News. - 1 online resource (91 pages)

Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

This study documents strong effects of social interaction on investors' attention and interpretations of earnings news. I estimate the firm-level investor social network and find that higher connectedness increases the announcement price reaction, reduces post-announcement drift, and decreases the long-run impact of the news on return volatility. I also find that social interaction triggers persistent disagreement-driven volume during and after the announcement. The evidence combined highlights the dual role of social interaction: It facilitates public information diffusion and thereby increases price efficiency, but also spawns investor disagreement and causes excessive trading volume that does not contribute to market efficiency.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355238815Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Social Interaction and Market Reaction to Earnings News.
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005 20180426091047.5
006 m o u
007 cr mn||||a|a||
008 190606s2017 xx obm 000 0 eng d
020 $a 9780355238815
035 $a (MiAaPQ)AAI10284159
035 $a (MiAaPQ)uci:14470
035 $a AAI10284159
040 $a MiAaPQ $b eng $c MiAaPQ
099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Wang, Qiguang. $3 1180765
245 1 0 $a Social Interaction and Market Reaction to Earnings News.
264 0 $c 2017
300 $a 1 online resource (91 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
500 $a Adviser: David Hirshleifer.
502 $a Thesis (Ph.D.) $c University of California, Irvine $d 2017.
504 $a Includes bibliographical references
520 $a This study documents strong effects of social interaction on investors' attention and interpretations of earnings news. I estimate the firm-level investor social network and find that higher connectedness increases the announcement price reaction, reduces post-announcement drift, and decreases the long-run impact of the news on return volatility. I also find that social interaction triggers persistent disagreement-driven volume during and after the announcement. The evidence combined highlights the dual role of social interaction: It facilitates public information diffusion and thereby increases price efficiency, but also spawns investor disagreement and causes excessive trading volume that does not contribute to market efficiency.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of California, Irvine. $b Management - Ph.D.. $3 1180766
773 0 $t Dissertation Abstracts International $g 79-02A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10284159 $z click for full text (PQDT)

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