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  1. The real effects of modern information technologies
    Author: Goldstein, Itay; Yang, Shijie; Zuo, Luo
    Published: [2020]
    Publisher:  Rodney L. White Center for Financial Research], [Philadelphia, PA

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    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Rechte
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [Working papers / Rodney L. White Center for Financial Research ; 07, 21]
    Subjects: Corporate Investment; Information Technologies; EDGAR; Equity Financing; Managerial Learning
    Scope: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  2. Traditional investment research and social networks
    evidence from Facebook connections
    Author: Dyer, Travis; Köchling, Gerrit; Limbach, Peter
    Published: [2024]
    Publisher:  Centre for Financial Research, Cologne

    We show that investors acquire more public information about firms to which they are more socially proximate. On average, a standard deviation increase in the Social Connectedness Index (Bailey et al., 2018) between a firm's headquarter county and a... more

    Access:
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 142
    Inter-library loan:
    No inter-library loan

     

    We show that investors acquire more public information about firms to which they are more socially proximate. On average, a standard deviation increase in the Social Connectedness Index (Bailey et al., 2018) between a firm's headquarter county and a searcher county is associated with 30% more EDGAR filing downloads from the searcher county. The effect of social proximity on traditional investment research is distinct from the effect of geographic proximity. We find similar results studying headquarter relocations, investor-level data, and EDGAR downloads from European regions, for which physical distance should be irrelevant. Social proximity matters more during times of high market-wide uncertainty and for firms with weaker information environments. Finally, information gathered by socially proximate investors predicts short-term earnings and stock returns, but also heightened volatility. Collectively, the evidence indicates that social networks mitigate informational frictions and foster information acquisition in financial markets.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CFR working paper ; no. 24, 03
    Subjects: Corporate disclosures; EDGAR; Geography; Information acquisition; Social networks; Social connections
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen