This paper investigates the impact of social media on financial reporting quality. By analyzing data from the leading Internet stock message board in China, we demonstrate that postings on stock message boards could promote earnings management. This finding is further enhanced by employing the...

This paper studies the MAX effect, the relationship between maximum daily returns and future returns in the cryptocurrency market. The cryptocurrency market is an ideal setting for the MAX effect, due to its lottery-like features (i.e., large positive skewness). Contrary to findings in other...