Critics often decry an earnings-focused short-term orientation of management that eschews spending on risky, long term projects such as innovation in order to boost a firm's stock price. The critics' assume that stock markets respond to announcements of earnings that report immediate earnings...

The following sections are included:IntroductionStream 1: Models of advertising elasticityStream 2: Models of advertising carryover and dynamicsStream 3: Models of ad frequencyStream 4: Models of advertising contentStream 5: Field experiments of the effects of advertisingSummaryReferences

This study examines whether user-generated content (UGC) is related to stock market performance, which metric of UGC has the strongest relationship, and what the dynamics of the relationship are. We aggregate UGC from multiple websites over a four-year period across 6 markets and 15 firms. We...