Online investment forum and the market response around earnings announcement in the Chinese stock markets

IF 4.3 Q2 MANAGEMENT

International Journal of Accounting and Information Management Pub Date : 2019-10-07 DOI:10.1108/ijaim-11-2018-0128

Q. Hao, Dayong Dong, Keke Wu

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引用次数: 2

Abstract

Purpose This paper aims to study the following two questions. Do earnings announcements stimulate investors to participate in online discussions? Does online investment forum participation affect the market’s reaction to earnings news? Design/methodology/approach The authors collect all the online posts, which were related to the internet service companies and posted in a Chinese financial forum, guba.eastmoney.com (Guba), during the period between June 30, 2008 and December 31, 2015. Multiple linear regression analysis is used to test the questions. Findings The study finds that the earnings announcements induce online discussion. In addition, before the earnings announcement, online posting activity does not affect earnings response coefficient but can weaken the positive association between the magnitude of the upcoming earnings surprise and abnormal trading volume. In contrast, after the earnings announcement, online forum participation can facilitate the incorporation of earnings surprise into the price. Originality/value This study contributes to the literature studying the impact of social media on market reaction to earnings news by providing evidence that the price discovery process can be affected by the online investment forum. Several policy implications are also provided.

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在线投资论坛和市场对中国股市财报公告的反应

本文旨在研究以下两个问题。收益公告会刺激投资者参与在线讨论吗?在线投资论坛的参与是否会影响市场对收益消息的反应?设计/方法/方法作者收集了2008年6月30日至2015年12月31日期间发表在中国金融论坛guba.eastmoney.com (Guba)上的所有与互联网服务公司相关的帖子。采用多元线性回归分析对问题进行检验。研究发现，收益公告会引发网上讨论。此外，在盈余公告之前，网络发帖活动不会影响盈余反应系数，但会削弱即将到来的盈余意外大小与异常交易量之间的正相关关系。相比之下，在财报公布后，参与在线论坛可以促进将盈余意外纳入价格。原创性/价值本研究通过提供证据证明价格发现过程可以受到在线投资论坛的影响，为研究社交媒体对市场对收益新闻反应影响的文献做出了贡献。本文还提供了若干政策含义。

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

International Journal of Accounting and Information Management MANAGEMENT-

CiteScore

7.90

自引率

3.00%

发文量

期刊介绍： The International Journal of Accounting & Information Management focuses on publishing research in accounting, finance, and information management. It specifically emphasizes the interaction between these research areas on an international scale and within both the private and public sectors. The aim of the journal is to bridge the knowledge gap between researchers and practitioners by covering various issues that arise in the field. These include information systems, accounting information management, innovation and technology in accounting, accounting standards and reporting, and capital market efficiency.