202,616 Twitter posts covering 1,082 firms from November 2008 to June 2011 reveal that nonlocal Twitter posters consistently exhibit negative stock return predictability. Since nonlocal posts dominate the sentiment information from social media, this contrarian result highlights the danger of...

202,616 Twitter posts covering 1,082 firms from November 2008 to June 2011 reveal that nonlocal Twitter posters consistently exhibit negative stock return predictability. Since nonlocal posts dominate the sentiment information from social media, this contrarian result highlights the danger of...

We collect a unique dataset of Twitter posts to examine the change in investor disagreement around earnings announcements. We find that investors' opinions can either converge (reduced disagreement) or diverge (increased disagreement) around earnings announcements. The convergence and divergence...

We study the effects of local religious beliefs on mutual fund risk-taking behaviors. Funds located in low-Protestant or high-Catholic areas exhibit significantly higher fund return volatilities. Similar differences persist when we use the religiosity ratios at fund managers' college locations....