ITR: Collaborative Research:Virtual Investing-Related Communities and Online Investing: A Study of Adoption, Usage, and Performance and Policy Implications

这项研究将调查在线投资和虚拟投资相关社区(VIC)，着眼于两个广泛的研究问题：(A)信息是如何在VIC内部和之间产生、讨论和传播的，以及这些活动如何影响市场效率？以及(B)经济、社会和心理影响如何共同影响投资者的接受、参与和满意度？这项研究将涉及处理来自10个主要受害者的40只股票的300多万条消息。这些信息将被分析和分类，并将检验与扩散和市场影响有关的各种假设。对在线投资者的深入访谈和大规模调查将验证投资者满意度的综合模型。这项研究有助于信息处理和传播、谣言传播、信息技术对市场的影响，以及位于信息系统、心理学、营销学和经济学交叉点的个人/群体行为文献。研究结果将为设计能够实时检测令人担忧的信息流类型的软件工具奠定基础。从监管的角度来看，了解社会和心理偏见和扭曲的影响将有助于制定监管措施，以抵消其负面影响。

This study will investigate online investing and virtual investing-related communities (VICs)looking at two broad research issues: (a) How is information generated, discussed, and diffused within and across VICs, and how do such activities impact market efficiency? and (b) How do economic, social and psychological influences together impact investor adoption, participation, and satisfaction? The study will involve processing over three million messages covering 40 stocks from 10 major VICs. The information will be parsed and categorized, and various hypotheses related to diffusion and market impacts will be tested. In-depth interviews and a large-scale survey of online investors will validate a comprehensive model of investor satisfaction. This research contributes to the information processing and diffusion, rumor propagation, impact of IT on markets, and individual/group behavior literatures that lie at the intersection of information systems, psychology, marketing, and economics. The research results will lay the foundation for the design of software tools that can detect worrisome types of information flow in real-time. From a regulatory perspective, an understanding of social and psychological biases and distorting influences will support the design of regulatory measures that counter their negative impacts.