In this study, we investigate how social media coverage mitigates the under-reaction to an earnings surprise captured by post-earnings announcement drift. Based on the analysis of data collected over a nine-year period (2006–2014) from Seeking Alpha, the largest crowdsourced social media...

We introduce a model of a platform in which users encounter news of unknown veracity. Users vary in their propensity to share news and can learn the veracity of news at a cost. In turn, the production of fake news is both more sensitive to sharing rates and cheaper than its truthful counterpart....

Social Media has been a popular platform for individuals to share their opinions of financial markets. Meanwhile, journalists and analysts contribute to news media to express their analysis on financial securities. This research compares the effect of opinions expressed via social media and news...