Skin in the game: personal stock holdings and investors’ response to stock analysis on social media
Skin in the game: personal stock holdings and investors’ response to stock analysis on social media
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风险共担：个人持股情况和投资者对社交媒体股票分析的反应
DOI：
10.2139/ssrn.2837321
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发表时间：
2017
影响因子：
4.2
通讯作者：
James R. Moon
中科院分区：
文献类型：
--
作者：
John L. Campbell;Matthew D. DeAngelis;James R. Moon
出于对财务状况损害分析师客观性的担忧，我们研究了投资者对在社交媒体机构Seeking Alpha上撰写的非专业分析师（以下简称NPA）财务状况的看法。我们发现，NPA的立场直接有助于围绕文章的出版物的短窗口回报，保持恒定的文章中的信息，以及同期发布的新闻专业分析师，经理，和商业新闻。与股票头寸与有偏见的分析相关的担忧相反，我们没有发现任何证据表明NPA头寸会降低投资者对文章基调的反应。事实上，我们的证据表明，持有头寸放大了投资者对积极和消极基调的反应，尽管这种影响仅限于与NPA股票头寸相反的基调。总体而言，我们的研究结果表明，与监管机构的担忧相反，NPA股票头寸并没有降低其分析的可信度和信息量。
Motivated by concerns that financial positions impair analyst objectivity, we examine investor perceptions of the financial positions of nonprofessional analysts (hereafter NPAs) writing on the social media outlet Seeking Alpha. We find that NPA positions contribute directly to short-window returns surrounding the article’s publication, holding constant the information in the article as well as contemporaneously issued news from professional analysts, managers, and the business press. Contrary to concerns that stock positions are associated with biased analysis, we find no evidence that NPA positions reduce investor responses to the tone of the article. In fact, our evidence suggests that holding a position magnifies investor responses to both positive and negative tone, although this effect is limited to tone that is contrary to the NPA’s stock position. Overall, our findings suggest that, contrary to regulators’ concerns, NPA stock positions do not decrease the credibility and informativeness of their analyses.