城际提及：股票帖子、城市网络和公司

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-04-24 DOI:10.1016/j.jcorpfin.2025.102803

Dayong Dong , Danling Jiang , Yuelin Peng , Longmin Shen , Hongquan Zhu

{"title":"城际提及：股票帖子、城市网络和公司","authors":"Dayong Dong , Danling Jiang , Yuelin Peng , Longmin Shen , Hongquan Zhu","doi":"10.1016/j.jcorpfin.2025.102803","DOIUrl":null,"url":null,"abstract":"<div><div>We analyze online stock posts to identify dynamic intercity investment preferences among Chinese investors. By inferring city connections using recent posts on local stocks mentioning other cities, we find that firms in highly connected cities exhibit higher stock valuations, greater turnover, higher idiosyncratic volatility, improved liquidity, and reduced crash risk. The network effects are more pronounced among less visible firms and induce intercity return comovement. Better stock performances in connected cities predict subsequent local stock return reversals as well as elevated intercity retail block trading. Our findings suggest that city connectivity, revealed through social media content, influences firm outcomes, investor behavior, and market efficiency.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"93 ","pages":"Article 102803"},"PeriodicalIF":7.2000,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Intercity mentioning: Stock posts, city network, and firms\",\"authors\":\"Dayong Dong , Danling Jiang , Yuelin Peng , Longmin Shen , Hongquan Zhu\",\"doi\":\"10.1016/j.jcorpfin.2025.102803\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We analyze online stock posts to identify dynamic intercity investment preferences among Chinese investors. By inferring city connections using recent posts on local stocks mentioning other cities, we find that firms in highly connected cities exhibit higher stock valuations, greater turnover, higher idiosyncratic volatility, improved liquidity, and reduced crash risk. The network effects are more pronounced among less visible firms and induce intercity return comovement. Better stock performances in connected cities predict subsequent local stock return reversals as well as elevated intercity retail block trading. Our findings suggest that city connectivity, revealed through social media content, influences firm outcomes, investor behavior, and market efficiency.</div></div>\",\"PeriodicalId\":15525,\"journal\":{\"name\":\"Journal of Corporate Finance\",\"volume\":\"93 \",\"pages\":\"Article 102803\"},\"PeriodicalIF\":7.2000,\"publicationDate\":\"2025-04-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Corporate Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0929119925000719\",\"RegionNum\":1,\"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":"Journal of Corporate Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0929119925000719","RegionNum":1,"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

我们分析了网上股票帖子，以确定中国投资者动态的城际投资偏好。通过使用最近发布的提及其他城市的本地股票来推断城市联系，我们发现高度联系城市的公司表现出更高的股票估值、更大的成交量、更高的特质波动性、更好的流动性和更低的崩溃风险。网络效应在知名度较低的企业中更为明显，并会导致城际间的回流。互联城市更好的股票表现预示着随后的本地股票回报逆转，以及城际零售大宗交易的增加。我们的研究结果表明，通过社交媒体内容揭示的城市连通性影响企业成果、投资者行为和市场效率。

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

Intercity mentioning: Stock posts, city network, and firms

We analyze online stock posts to identify dynamic intercity investment preferences among Chinese investors. By inferring city connections using recent posts on local stocks mentioning other cities, we find that firms in highly connected cities exhibit higher stock valuations, greater turnover, higher idiosyncratic volatility, improved liquidity, and reduced crash risk. The network effects are more pronounced among less visible firms and induce intercity return comovement. Better stock performances in connected cities predict subsequent local stock return reversals as well as elevated intercity retail block trading. Our findings suggest that city connectivity, revealed through social media content, influences firm outcomes, investor behavior, and market efficiency.

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

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.