We examine whether individual investors in China have the ability to acquire and process the information of industry peers. We exploit the initial earnings announcement within each industry-quarter during 2015-2017 and use the frequency of investors’ daily discussions on the Xue Qiu platform...

Does country transparency affect international portfolio investment? We examine this and related questions using some new measures of transparency and a unique micro dataset on international portfolio holdings. We distinguish between government and corporate transparency. There is clear evidence...

Verhaltensökonomie -- Digitale Verhaltensökonomie -- Verhaltensökonomie und Finanzierung -- Finanzverhaltensweisen -- Marktkommunikation -- Künstliche Intelligenz -- Big Data Ethik -- Diskussion -- Fazit.

Measures of information traditionally arise from curated, professional sources such as newspapers, analyst coverage, earnings announcements, and business news wires. We utilize Twitter activity to examine the impact of attention generated by individuals. Causal evidence shows that Twitter...

This paper proposes an approach that demands fewer data to estimate the effect of social interaction on stock market participation. Using data available publicly, we construct a sequence of measures of aggregated stock returns that are based on the same stock returns information and embed social...

A number of theories have been proposed to explain the medium-term momentum in stock returns identified by Jegadeesh and Titman (1993). We test one such theory--based on the gradual-information-diffusion model of Hong and Stein (1997)--and establish three key results. First, once one moves past...