同步社交媒体与股票市场

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2024-09-01 DOI:10.1016/j.finmar.2024.100915

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引用次数: 0

摘要

我研究了 Discord 上实时（同步）群聊中的股票讨论，并将其与 Reddit 的 WallStreetBets 上论坛式（异步）发帖进行了比较。研究结果表明，Discord 上的热门股票中 "meme "股票较少，而且更多样化、更有利可图。基于 Discord 的多空策略表现优于几种同类策略。基于 Discord 的受欢迎程度可以预测未来的交易量、波动率和回报率，而且对小型股票的影响更大。相比之下，WallStreetBets 或两个平台上的人气与较低的回报率相关。研究结果表明，学者和从业人员在评估社交媒体对投资决策的影响时，应考虑社交互动环境。

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Synchronous social media and the stock market

I examine stock discussions from real-time (synchronous) group chats on Discord and compare them with forum-style (asynchronous) postings on Reddit’s WallStreetBets. Findings suggest that popular stocks on Discord include fewer ”meme” stocks and are more diverse and profitable. A Discord-based long-short strategy outperforms several comparable strategies. Discord-based popularity predicts future trading volume, volatility, and returns, and this effect is stronger for smaller stocks. By contrast, popularity on WallStreetBets or on both platforms correlates with lower returns. Results suggest that academicians and practitioners should consider social interaction settings when evaluating the impact of social media on investment decisions.

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.