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The Distribution of Investor Beliefs, Stock Ownership and Stock Returns
Hardouvelis, Gikas A.; Karalas, Georgios; Vayanos, Dimitri - National Bureau of Economic Research - 2021
We study theoretically and empirically the relationship between investor beliefs, ownership dispersion and stock returns. We find that high dispersion, measured by high breadth or low Herfindahl index, forecasts returns positively for large stocks, as in Chen, Hong and Stein (2002), but...
Persistent link: https://www.econbiz.de/10012510575
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Attention, Social Interaction, and Investor Attraction to Lottery Stocks
Bali, Turan G.; Hirshleifer, David; Peng, Lin; Tang, Yi - National Bureau of Economic Research - 2021
We find that among stocks dominated by retail investors, the lottery anomaly is amplified by high investor attention (proxied by high analyst coverage, salient earnings surprises, or recency of extreme positive returns) and intense social interactions (proxied by Facebook social connectedness or...
Persistent link: https://www.econbiz.de/10012794571
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Are High Income Individuals Better Stock Market Investors?
Feldstein, Martin - 1982
This paper presents evidence that the corporate stock owned by high income investors appreciates substantially faster than the stock owned by investors with lower incomes. Those with very high incomes enjoy the greatest success on their investments while those with incomes under $20,000 have the...
Persistent link: https://www.econbiz.de/10012478159
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Information Aggregation, Investment, and Managerial Incentives
Albagli, Elias - 2011
We study the interplay of share prices and firm decisions when share prices aggregate and convey noisy information about fundamentals to investors and managers. First, we show that the informational feedback between the firm's share price and its investment decisions leads to a systematic...
Persistent link: https://www.econbiz.de/10012461328
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War Discourse and Disaster Premia : 160 Years of Evidence from Stock and Bond Markets
Hirshleifer, David; Mai, Dat; Pukthuanthong, Kuntara - National Bureau of Economic Research - 2023
Using a semi-supervised topic model on 7,000,000 New York Times articles spanning 160 years, we test whether topics of media discourse predict future stock and bond market returns to test rational and behavioral hypotheses about market valuation of disaster risk. Focusing on media discourse...
Persistent link: https://www.econbiz.de/10014287305
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The Welfare Effects of Social Media
Allcott, Hunt - 2019
weeks before the 2018 US midterm election (i) reduced online activity, while increasing offline activities such as watching …
Persistent link: https://www.econbiz.de/10012479470
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The Effect of Social Media on Elections : Evidence from the United States
Fujiwara, Thomas; Müller, Karsten; Schwarz, Carlo - National Bureau of Economic Research - 2021
We study how social media affects election outcomes in the United States. We use variation in the number of Twitter … users across counties induced by early adopters at the 2007 South by Southwest (SXSW) festival, a key event in Twitter … before the launch of Twitter. Our results indicate that Twitter lowered the Republican vote share in the 2016 and 2020 …
Persistent link: https://www.econbiz.de/10012533398
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Social Media and Fake News in the 2016 Election
Allcott, Hunt - 2017
Following the 2016 U.S. presidential election, many have expressed concern about the effects of false stories ("fake … consumption prior to the election. Drawing on web browsing data, archives of fact-checking websites, and results from a new online … survey, we find: (i) social media was an important but not dominant source of election news, with 14 percent of Americans …
Persistent link: https://www.econbiz.de/10012455592
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Using Social Media to Identify the Effects of Congressional Partisanship on Asset Prices
Bianchi, Francesco; Kung, Howard; Cram, Roberto Gómez - National Bureau of Economic Research - 2021
their Twitter accounts. Tweets that criticize (support) a particular company are associated with a significant negative …
Persistent link: https://www.econbiz.de/10012510628
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Election Polls, Free Trade, and the Stock Market : Evidence from the Canadian General Election
Brander, James A. - 1989
This paper examines the relationship between the Toronto Stock Exchange (TSE) and election polls during the 1988 … Canadian General Election campaign. Two hypotheses are investigated: first, did polls influence the TSE, and secondly, if so …
Persistent link: https://www.econbiz.de/10012475973