Do investors post messages differently from mobile devices? The correlation between mobile Internet messages posting and stock returns
Abstract:
Mobile Internet has become a popular channel for investors to share their information and ideas about investment. This paper investigates the relation between frequency of mobile Internet messages and subsequent stock returns. We find that firms with higher proportion of mobile Internet messages on average earn a significant return premium even after controlling for well-known risk factors. Moreover, the marginal effect of mobile Internet messages is more pronounced among stocks in weaker information environments (i.e., higher fraction of individual ownership and lower analysts following). Further results suggest this correlation is more likely to be driven by “noise” rather than “information.” We also provide evidence that the lack of liquidity can explain the persistence of the correlation between mobile Internet messages and stock returns. Our findings highlight the importance for financial market participants to consider the peer-based opinions from mobile Internet.
Author Listing：Lixing Mei;Yulei Rao;Mei Wang;Jianxin Wang
Volume：None
Pages：1-30
DOI：10.1007/S12232-019-00329-6
Language：English
Journal：International Review of Economics
International Review of Economics
影响因子：0.0
是否综述期刊：否
是否OA：否
是否预警：不在预警名单内
发行时间：-
ISSN：1865-1704
发刊频率：4 issues per year
收录数据库：Scopus收录
出版国家/地区：-
出版社：Springer Nature
期刊介绍
International Review of Economics - Journal of Civil Economy (IREC) covers a broad range of macro- and microeconomic topics, and showcases high-quality empirical, theoretical and policy-oriented contributions. In particular, IREC welcomes papers focused on the analysis of social interactions, wellbeing, welfare and happiness, capabilities, reciprocity, trust, relational goods, formal and informal institutions, law and economics, prizes and incentives, economics and philosophy, economic theology, the history of economic thought, non-profit organizations, and social economy. Civil Economy refers to a 18th-century Southern European tradition, which views the market as a pre-condition for civilization. Today, Civil Economy denotes a special focus on the ‘civil’ and ethical dimensions of economic issues, and on pursuing the common good in the economic domain. Officially cited as: Int Rev Econ
