社交媒体和金融新闻操纵

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2022-10-20 DOI:10.1093/rof/rfac058

Shimon Kogan, Tobias J Moskowitz, Marina Niessner

{"title":"社交媒体和金融新闻操纵","authors":"Shimon Kogan, Tobias J Moskowitz, Marina Niessner","doi":"10.1093/rof/rfac058","DOIUrl":null,"url":null,"abstract":"We examine an undercover SEC investigation into the manipulation of financial news on social media. While fraudulent news had a direct positive impact on retail trading and prices, revelation of the fraud by the SEC announcement resulted in significantly lower retail trading volume on all news, including legitimate news, on these platforms. For small firms, volume declined by 23.5% and price volatility dropped by 1.3%. We find evidence consistent with concerns of fraud causing the decline in trading activity and price volatility, which we interpret through the lens of social capital, and attempt to rule out alternative explanations. The results highlight the indirect consequences of fraud and its spillover effects that reduce the social network’s impact on information dissemination, especially for small, opaque firms.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"8 s2","pages":""},"PeriodicalIF":5.6000,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Social Media and Financial News Manipulation\",\"authors\":\"Shimon Kogan, Tobias J Moskowitz, Marina Niessner\",\"doi\":\"10.1093/rof/rfac058\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine an undercover SEC investigation into the manipulation of financial news on social media. While fraudulent news had a direct positive impact on retail trading and prices, revelation of the fraud by the SEC announcement resulted in significantly lower retail trading volume on all news, including legitimate news, on these platforms. For small firms, volume declined by 23.5% and price volatility dropped by 1.3%. We find evidence consistent with concerns of fraud causing the decline in trading activity and price volatility, which we interpret through the lens of social capital, and attempt to rule out alternative explanations. The results highlight the indirect consequences of fraud and its spillover effects that reduce the social network’s impact on information dissemination, especially for small, opaque firms.\",\"PeriodicalId\":48036,\"journal\":{\"name\":\"Review of Finance\",\"volume\":\"8 s2\",\"pages\":\"\"},\"PeriodicalIF\":5.6000,\"publicationDate\":\"2022-10-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1093/rof/rfac058\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Finance","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1093/rof/rfac058","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们研究了美国证券交易委员会对社交媒体上金融新闻操纵的秘密调查。而虚假新闻有一个直接的积极影响零售交易和价格,揭露美国证券交易委员会(SEC)的欺诈公告导致显著降低零售成交量在所有的新闻,包括合法的新闻,在这些平台上。对于小公司来说，销量下降了23.5%，价格波动下降了1.3%。我们发现了与欺诈导致交易活动下降和价格波动的担忧一致的证据，我们通过社会资本的视角来解释，并试图排除其他解释。研究结果强调了欺诈的间接后果及其溢出效应会降低社会网络对信息传播的影响，尤其是对不透明的小型企业。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Social Media and Financial News Manipulation

We examine an undercover SEC investigation into the manipulation of financial news on social media. While fraudulent news had a direct positive impact on retail trading and prices, revelation of the fraud by the SEC announcement resulted in significantly lower retail trading volume on all news, including legitimate news, on these platforms. For small firms, volume declined by 23.5% and price volatility dropped by 1.3%. We find evidence consistent with concerns of fraud causing the decline in trading activity and price volatility, which we interpret through the lens of social capital, and attempt to rule out alternative explanations. The results highlight the indirect consequences of fraud and its spillover effects that reduce the social network’s impact on information dissemination, especially for small, opaque firms.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.