In contrast to mandatory information disclosures, social media offer companies the opportunity to communicate with investors with few constraints on frequency, content, and format. To investigate the use of social media by asset management firms, we collect a database of 1.4 million Twitter...

After the run on Silicon Valley Bank (SVB), U.S. regional banks entered a period of significant distress. We quantify social media's role in this distress using comprehensive Twitter data. During the SVB run period, banks in the top tercile of pre-run Twitter exposure lost 6.6 percentage points...