Using Bloomberg’s daily Twitter Sentiment data for S&P500 firms, we show that Twitter information reduces forecast optimism and improves forecast accuracy of sell-side equity analysts. Negative Twitter information is more influential, and this effect is distinct from the impact of news. Using...

Using daily equity transactions, we create a hedge fund informed trading measure (ITM) that separates information related trades from liquidity driven trades. We find that stocks with higher hedge fund informed trading are associated with higher future stock performance. The long-short portfolio...