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- Publisher Website: 10.1016/j.jfineco.2021.09.004
- Scopus: eid_2-s2.0-85115745989
- WOS: WOS:000833536100005
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Article: Listening in on Investors’ Thoughts and Conversations
Title | Listening in on Investors’ Thoughts and Conversations |
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Authors | |
Issue Date | 2021 |
Citation | Journal of Financial Economics, 2021, Forthcoming How to Cite? |
Abstract | A large literature in neuroscience and social psychology shows that humans are wired to be meticulous about how they are perceived by others. In this paper, we propose that impression management considerations can also end up guiding the content that investors transmit via word of mouth and inadvertently lead to the propagation of noise. We analyze server log data from one of the largest investment-related websites in the United States. Consistent with our proposition, we find that investors more frequently share articles that are more suitable for impression management despite such articles less accurately predicting returns. Additional analyses suggest that high levels of sharing can lead to overpricing. |
Persistent Identifier | http://hdl.handle.net/10722/304174 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Chen, H | - |
dc.contributor.author | Hwang, B | - |
dc.date.accessioned | 2021-09-23T08:56:15Z | - |
dc.date.available | 2021-09-23T08:56:15Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Journal of Financial Economics, 2021, Forthcoming | - |
dc.identifier.uri | http://hdl.handle.net/10722/304174 | - |
dc.description.abstract | A large literature in neuroscience and social psychology shows that humans are wired to be meticulous about how they are perceived by others. In this paper, we propose that impression management considerations can also end up guiding the content that investors transmit via word of mouth and inadvertently lead to the propagation of noise. We analyze server log data from one of the largest investment-related websites in the United States. Consistent with our proposition, we find that investors more frequently share articles that are more suitable for impression management despite such articles less accurately predicting returns. Additional analyses suggest that high levels of sharing can lead to overpricing. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of Financial Economics | - |
dc.title | Listening in on Investors’ Thoughts and Conversations | - |
dc.type | Article | - |
dc.identifier.email | Chen, H: chen19@hku.hk | - |
dc.identifier.authority | Chen, H=rp02520 | - |
dc.identifier.doi | 10.1016/j.jfineco.2021.09.004 | - |
dc.identifier.scopus | eid_2-s2.0-85115745989 | - |
dc.identifier.hkuros | 325526 | - |
dc.identifier.volume | Forthcoming | - |
dc.identifier.isi | WOS:000833536100005 | - |