The power of prediction with Google searches and social media posts: Retail investor interest and IPO pricing

IF 8.2 2区管理学 Q1 COMPUTER SCIENCE, INFORMATION SYSTEMS

Information & Management Pub Date : 2024-05-06 DOI:10.1016/j.im.2024.103972

Ka Wai (Stanley) Choi , Wentao Ma , Shuk Ying Ho , Dickson Wu

引用次数: 0

Abstract

This paper investigates the association between retail investors’ online activity and the pricing of initial public offerings (IPOs). We utilize data from Google Trends and StockTwits to analyze price revision for 901 U.S. IPOs, and find that the online search count, social media post count, and post sentiment are positively associated with IPO pricing. One-standard-deviation increases in these variables correspond to price revision increases of 9.02 %, 50.73 %, and 70.22 %, respectively. Additionally, online search plays a more significant role in influencing IPO price revision when social media discussions about a specific IPO exhibit higher sentiment inequality among participants.

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利用谷歌搜索和社交媒体帖子的预测能力：散户投资者兴趣与 IPO 定价

本文研究了散户投资者的在线活动与首次公开募股（IPO）定价之间的关联。我们利用谷歌趋势（Google Trends）和 StockTwits 的数据分析了 901 家美国 IPO 的价格修订情况，发现在线搜索次数、社交媒体发帖次数和发帖情绪与 IPO 定价呈正相关。这些变量一个标准差的增加对应的价格修正幅度分别为 9.02%、50.73% 和 70.22%。此外，当社交媒体上关于特定 IPO 的讨论在参与者之间表现出较高的情绪不平等时，在线搜索在影响 IPO 价格修正方面发挥着更重要的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Information & Management 工程技术-计算机：信息系统

CiteScore

17.90

自引率

6.10%

发文量

123

审稿时长

1 months

期刊介绍： Information & Management is a publication that caters to researchers in the field of information systems as well as managers, professionals, administrators, and senior executives involved in designing, implementing, and managing Information Systems Applications.