Third-party product reviews (TPRs) have become ubiquitous in many industries. Aided by communication technologies, particularly on the Internet, TPRs are widely available to consumers, managers, and investors. The authors examine whether and how TPRs of new products influence the financial value...

Networks and the embedded relationships are critical determinants of how people communicate and form beliefs. The explosion of social media has significantly increased the scope and impact of social learning among consumers. This paper studies observational learning in networks of friends versus...