Negative peer disclosures, crash risk, and strategic change

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2025-06-01 DOI:10.1016/j.jbef.2025.101063

Scott Below , Oneil Harris , Charmaine Linton , Thanh Ngo

引用次数: 0

Abstract

By analyzing negative peer disclosures (NPDs) on Twitter, we provide evidence that crash risk decreases after tweeted firms are the subject of adverse peer tweets. NPDs also act as catalysts for companies to implement strategic changes, suggesting that managers are motivated to turn things around in response to negative tweets from their peers. Managers also take less risk and reduce financial statement opaqueness as a result. In scale and importance, the strategic change channel appears to be the main mechanism by which NPDs reduce stock price crashes. Moreover, in response to strategic shifts, auditors increase audit fees and analysts issue less optimistic earnings forecasts when they cover tweeted firms. Overall, our study illustrates the transformative effects of social media on product rivalry and market outcomes, and highlights NPDs as powerful tools for firm competition that hold managers accountable.

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负面的同行披露、崩溃风险和战略变化

通过分析推特上的负面同行披露（npd），我们提供了证据，证明推特公司成为负面同行推文的主题后，崩溃风险降低。npd还起到了公司实施战略变革的催化剂作用，这表明管理者在回应同行的负面推文时，有动力扭转局面。管理者承担的风险也更小，从而降低了财务报表的不透明性。在规模和重要性上，战略变革渠道似乎是npd减少股价崩溃的主要机制。此外，作为对战略转变的回应，审计师增加了审计费用，分析师在报道推特公司时发布的盈利预测也不那么乐观。总体而言，我们的研究说明了社交媒体对产品竞争和市场结果的变革性影响，并强调npd是企业竞争的有力工具，使管理者承担责任。

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

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.