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dc.creatorGiannini, Robert
dc.creatorIrvine, Paul
dc.creatorShu, Tao
dc.date.accessioned2019-11-08T22:46:17Z
dc.date.available2019-11-08T22:46:17Z
dc.date.issued2017-07-31
dc.identifier.urihttps://doi.org/10.1093/rapstu/rax020
dc.identifier.urihttps://repository.tcu.edu/handle/116099117/35825
dc.identifier.urihttps://academic.oup.com/raps/article/8/2/293/4056137
dc.description.abstractTwitter posts covering 1,082 firms from November 2008 to June 2011 reveal that sentiment in nonlocal Twitter posts is negatively related to future returns, and this negative relation is due to nonlocal posts favoring overpriced stocks, which earn lower subsequent returns. In contrast, local posts do not exhibit this failing. Since nonlocal posts dominate social media, this result highlights the danger of a naive reliance on social media sentiment. The nonlocal disadvantage is larger for firms without public news and firms with higher information asymmetry, suggesting that richer information constrains the exuberance of nonlocal investors.en_US
dc.language.isoenen_US
dc.publisherOxford University Press
dc.sourceThe Review of Asset Pricing Studies
dc.subjectPortfolio Choiceen_US
dc.subjectInvestment Decisionsen_US
dc.subjectInformation and Market Efficiencyen_US
dc.subjectEvent Studiesen_US
dc.subjectInsider Tradingen_US
dc.subjectSocial Innovationen_US
dc.titleNonlocal Disadvantage: An Examination of Social Media Sentiment
dc.typeArticleen_US
dc.rights.holderPublic Domain
dc.rights.licensePublic Domain
local.collegeNeeley School of Business
local.departmentFinance
local.personsIrvine (Finance)


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