We theoretically and empirically explore the effect of disagreed voices (dissenters) in social media on mutual fund manipulation. We first build a simple theoretical model to show that the reception rate of unsophisticated investors on the information of dissenters is important for the mutual...

Using account-level data, this study examines the impact of local public environmental awareness on investors' stock trading behavior. We match city-level investor trading behavior with local public environmental awareness, as proxied by local Internet searches. Our results show that investors...