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1 – 10 of over 1000Ying Zhang, Xing Lu and Wikrom Prombutr
The authors investigate the extent to which online talk can influence contemporaneous and future stock trading, especially when market news is unpresented.
Abstract
Purpose
The authors investigate the extent to which online talk can influence contemporaneous and future stock trading, especially when market news is unpresented.
Design/methodology/approach
The authors propose an improved sentiment formula incorporating online hype, neutral sentiment and poster reputation. In addition, they conduct event study, OLS regression analyses and probit models.
Findings
First, investors tend to be more talkative in relation to firms that are (1) smaller size, (2) more growth-like, (3) with lower prices and higher short interests and (4) of higher beta. Second, the bullish tone of investors positively affects the abnormal returns of small-capitalization stocks. However, online talk has little impact on large-capitalization stocks, except that more postings boost trading liquidity. Third, online talk predicts the presence of future news regardless of firm size, with stronger predictive power found for small-capitalization stocks.
Practical implications
It is of interest to practitioners and researchers to study online talk so as to better understand the trading psychology of retail investors and the effects on the stock market. Furthermore, policymakers are interested in tracking activities on stock message boards in order to prevent security fraud and protect investors' interests.
Originality/value
The results are robust and suggest that online talk has significant impacts on stock trading exploiting an information asymmetry. This study of stock message board posting activities helps researchers to understand whether message contents contain valuable and unique content compared with information available via more traditional media channels.
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Micael Dahlén, Anton Granlund and Mikael Grenros
The purpose of this paper is to test the consumer‐perceived value of non‐traditional media, and the moderating effects of brand reputation, appropriateness and expense.
Abstract
Purpose
The purpose of this paper is to test the consumer‐perceived value of non‐traditional media, and the moderating effects of brand reputation, appropriateness and expense.
Design/methodology/approach
The approach takes the form of an experimental study of six (real) campaigns, manipulating media type and brand reputation (with appropriateness and expense measured within subjects).
Findings
Non‐traditional media enhance consumer‐perceived value. The effects are greater for low‐ than for high‐reputation brands. High‐reputation brands are more sensitive to the appropriateness and expense of the marketing. Consumer‐perceived value leads to higher purchase and word‐of‐mouth intentions.
Research limitations/implications
The analysis of the mediating effects of consumer‐perceived value is exploratory and requires follow‐up. Being a first test of the effects of non‐traditional media, no discrimination was made between different types. This requires further attention.
Practical implications
The paper shows that non‐traditional media enhance the consumer‐perceived value of marketing, and suggests that consumer‐perceived value is important in generating purchase and word‐of‐mouth intentions. The approach also gives advice with respect to brand reputation, budget (expense) and appropriateness of marketing.
Originality/value
The paper is a first academic test of non‐traditional media/guerrilla marketing; it argues that marketing must generate consumer‐perceived value in order to be successful and finds support for this; and employs previously neglected (but highly current) variables such as appropriateness and expense. The paper is valuable in its high action‐orientation.
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Sanjiv Sabherwal, Salil K. Sarkar and Ying Zhang
The purpose of this paper is to examine stocks that are most actively discussed by online posters and see if the messages posted about these stocks have information or if they are…
Abstract
Purpose
The purpose of this paper is to examine stocks that are most actively discussed by online posters and see if the messages posted about these stocks have information or if they are just noise.
Design/methodology/approach
This study uses messages posted on TheLion.com, which reports a real time list of the ten most actively discussed stocks. The stocks in this list at the daily market close during 2005‐2006 are examined. An event study is performed to estimate the daily abnormal returns on these stocks. Contemporaneous and lead–lag regressions of abnormal returns against message posting activities are performed.
Findings
Online posters prefer thinly traded micro‐cap stocks. On average, there is an abnormal return of 19.4 per cent on a stock the day it is one of the ten most talked about stocks. The number of messages posted about a stock on a given day is not only positively related with the stock's abnormal return on that day but it also positively predicts the next day's abnormal return.
Research limitations/implications
It may be interesting to examine if the investor sentiment expressed in online messages has predictive power for micro‐cap stocks.
Practical implications
The results provide evidence to regulators that online talk affects stock prices. They show investors that there are inefficiencies in the stock market. They also suggest that corporate managers, especially of small firms, should monitor the stock message boards.
Originality/value
This study focuses on the micro‐cap stocks favored by online posters and finds that online talk has the power to predict the next‐day returns.
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Jin‐Cheon Na, Tun Thura Thet and Christopher S.G. Khoo
This paper aims to investigate the characteristics and differences in sentiment expression in movie review documents from four online opinion genres – blog postings, discussion…
Abstract
Purpose
This paper aims to investigate the characteristics and differences in sentiment expression in movie review documents from four online opinion genres – blog postings, discussion board threads, user reviews, and critic reviews.
Design/methodology/approach
A collection of movie review documents was harvested from the four types of web sources, and a sample of 520 movie reviews were analysed to compare the content and textual characteristics across the four genres. The analysis focused on document and sentence length, part‐of‐speech distribution, vocabulary, aspects of movies discussed, star ratings used and multimedia content in the reviews. The study also identified frequently occurring positive and negative terms in the different genres, as well as the pattern of responses in discussion threads.
Findings
Critic reviews and blog postings are longer than user reviews and discussion threads, and contain longer sentences. Critic reviews and blogs contain more nouns and prepositions, whereas discussion board and user reviews have more verbs and adverbs. Critic reviews have the largest vocabulary and also the highest proportion of unique terms not found in the other genres. The most informative sentiment words in each genre are provided in the paper. With regard to content, critic reviews are more comprehensive in coverage, and discuss the movie director much more often than the other genres. User reviews discuss the scene aspects (including action and visual effects) more often than the other genres, while blogs tend to talk about the cast, and discuss the music and sound slightly more often.
Research limitations/implications
The study only analysed movie review documents. Similar content and text analysis studies can be carried out in other domains, such as commercial product reviews, celebrity reviews, company reviews and political opinions to compare the results.
Originality/value
The main contribution of the study is the sentiment content analysis results across genres, which show the similarities and differences in content and textual characteristics in the four online opinion genres. The insights will be useful in designing automatic sentiment summarisation methods for multiple online genres.
Caleb T. Carr, Rebecca A. Hayes and Cameron W. Piercy
This study empirically assesses the perceptions the public has of employees and their organization following a [re]tweet, and the additional potential ameliorating effect of a…
Abstract
Purpose
This study empirically assesses the perceptions the public has of employees and their organization following a [re]tweet, and the additional potential ameliorating effect of a disclaimer distancing the organization from the individual employee's social media presence.
Design/methodology/approach
A fully crossed 2 (disclaimer vs. no disclaimer) × 2 (positive vs. negative valence post) × 2 (post vs. retweet) experiment exposed participants (N = 173) to an employee's personal tweet. Resultant perceptions of both the poster (i.e., goodwill) and the poster's organization (i.e., organizational reputation) were analyzed using planned contrast analyses.
Findings
Findings reveal audiences form impressions of individuals based on both tweeted and retweeted content. Perceptions of both the poster's goodwill and the poster's organization were commensurate with the valence of the poster's tweets, stronger when posts were original tweets rather than retweets, and there was a significant interaction effect between valence and [re]tweet. Disclaimers did not significantly affect perceptions, suggesting employers may be better served by asking employees to omit reference to their employer on their personal social media accounts.
Originality/value
This research contributes to understanding how employee and organizational reputation are affected by employees' personal social media content. Results suggest that even when a disclaimer explicitly seeks to distance an employee from the organization, audiences still see the employee as an informal brand ambassadors of their organization.
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Luke A. Turnock and Honor D. Townshend
With digital spaces an increasing feature of our everyday lives, and the internet now a primary means of sourcing IPEDs and information regarding their use, this chapter seeks to…
Abstract
With digital spaces an increasing feature of our everyday lives, and the internet now a primary means of sourcing IPEDs and information regarding their use, this chapter seeks to understand how digital fitness forum communities shape the dissemination of culturally embedded harm reduction advice. Findings are drawn from two netnographic studies of fitness forums, which identify several key areas in which community norms and structures served to inform harm reduction behaviours. This included embedded forum reputation systems and the ways in which these shaped IPED access, including through elevating ‘expert’ users and encouraging informed discussion regarding product quality, to the emergence of steroid testing services from forums as a community harm reduction tool. Second, forums were observed to often encourage users to conduct research and inform themselves regarding safe use, though limitations to this norm were also documented in relation to poor-quality medical advice, highlighting the issues with IPED users' reliance on anecdotal advice in the contexts of prohibition. Finally, the role of digital fitness forums as ‘digital backstage’ is considered, examining both how this can be harmful to IPED users from excluded or ‘otherised’ groups, but simultaneously offers cultural participants the opportunity for airing vulnerabilities in a space where their masculine identity is not threatened in doing so, thus facilitating harm reduction among cultural ‘insiders’.
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Jeanine D. Guidry, Marcus Messner, Yan Jin and Vivian Medina-Messner
The purpose of this paper is to analyze the crisis information posted by publics on the social media platform Instagram about leading fast food companies as well as the responses…
Abstract
Purpose
The purpose of this paper is to analyze the crisis information posted by publics on the social media platform Instagram about leading fast food companies as well as the responses by the companies and their general use of Instagram.
Design/methodology/approach
In two quantitative content analyses, 711 Instagram posts were identified in a two-week constructed time period that related to the ten largest fast food chains in the world.
Findings
It was found that negative content about these companies is posted by customers and employees alike and that the negative tonality primarily stems from issues with service and the work environment. The study also showed that the companies are just starting to discover Instagram and have very little engagement with users. None of the companies responded to the negative posts of customers and employees.
Research limitations/implications
The analysis only evaluated posts with negative hashtags about ten fast food companies. Future research should expand the analysis to all posts about a certain sector as well as expand the scope of the research beyond the fast food sector.
Practical implications
The results of the study are a call-to-action for public relations professionals to engage with their publics on Instagram and actively use the app as a pre-crisis monitoring and crisis response tool in their social media plans.
Originality/value
Instagram is a fast-growing social media channel, yet research into this platform is lacking. The findings of this study should be a challenge to public relations practitioners to put Instagram next to Facebook and Twitter at the center of their social media strategy.
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Jong Min Kim, Miyea Kim and Sookyoung Key
Many online review sites, such as TripAdivisor.com, encourage review posters to upload a profile photo to improve the perceived reliability of online reviews. This study aims to…
Abstract
Purpose
Many online review sites, such as TripAdivisor.com, encourage review posters to upload a profile photo to improve the perceived reliability of online reviews. This study aims to examine the roles of reviewer profile photos in the online review generation and consumption processes.
Design/methodology/approach
Data were collected via Amazon MTurk. Two experimental studies were conducted. Study 1 had a sample size of 106 respondents. In Study 1, this paper examined the role of a reviewer profile photo in the online review generation process. Study 2 had a sample size of 482 respondents. In Study 2, this paper examined the role of a reviewer profile photo in the online review consumption process under two different circumstances, namely, comprehensive and incomprehensive review text.
Findings
The findings show that reviewer profile photos play different roles when consumers generate online reviews versus when they consume reviews. In the review generation process, reviewers are more likely to upload a profile photo to improve the credibility of their reviews. On the other hand, in the review consumption process, reviewer profile photos do not contribute to an increase in the perceived review helpfulness.
Originality/value
If the readers have difficulty processing the review content, review profile photos play a critical role in determining perceived review helpfulness. This study provides both theoretical and managerial implications by indicating how reviewer profile photos play different roles in online review posting and consuming behavior.
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Political parties and marketers have for centuries employed visuals as effective means of conveying their messages. Yet surprisingly, little has been written on the evident…
Abstract
Political parties and marketers have for centuries employed visuals as effective means of conveying their messages. Yet surprisingly, little has been written on the evident interplay between the visual rhetoric of political campaigns and destination image. Influenced by Foucault’s notion of subjectivity and drawing on critical discourse analysis, this chapter analyzes the visual rhetoric of the radical right-wing Swiss People’s Party campaign posters in order to explore the relationship between political rhetoric and destination image. It is concluded that while this image of Switzerland may be negatively influenced by the rhetoric of the party, the reflex of the state may inadvertently perpetuate cultural fundamentalism and exclusion.
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