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Paying attention to social media stocks
- Source :
- International Review of Economics & Finance. 59:106-119
- Publication Year :
- 2019
- Publisher :
- Elsevier BV, 2019.
-
Abstract
- Social media has reshaped business models, economies, politics, and culture around the world. In this paper, we identified social media stocks from various sectors by using a strict, academic definition and then studied their performance and return characteristics. Multivariate regression results demonstrate that being recognized as a social media firm yields extra return. The performance of social media stocks is not associated with macro-level sentiment, but rather with firm-level attention paid by potential investors. Causality tests indicate that the default risk premium and volatility have incremental power in explaining the performance of social media stocks.
Details
- ISSN :
- 10590560
- Volume :
- 59
- Database :
- OpenAIRE
- Journal :
- International Review of Economics & Finance
- Accession number :
- edsair.doi...........04e5f86a44bad27896371741f8d1b7ed
- Full Text :
- https://doi.org/10.1016/j.iref.2018.08.009