The relationship between online chatter and firm value

Autor:	Thomas S. Shively, Leigh McAlister, Garrett P. Sonnier
Rok vydání:	2011
Předmět:	Marketing Reverse causality Economics and Econometrics Financial economics Enterprise value Financial market Economics Econometrics Omitted-variable bias Business and International Management Spurious relationship Stock (geology)
Zdroj:	Marketing Letters. 23:1-12
ISSN:	1573-059X 0923-0645
Popis:	The visible trace of online communications has given rise to research on their effect on firm outcomes. The literature has established a link between online communication about a product and the product’s sales and price performance. On the assumption that financial markets understand this link, we conjecture financial markets consider the amount of online communication, or chatter, about a firm to be an indication of the firm’s performance in the marketplace. Our results confirm this conjecture. The relationship between stock returns and chatter are robust to alternative specifications of the model and to alternative measures of stock returns. We also investigate the issues of reverse causality and omitted variable bias driving a spurious relationship between stock returns and chatter. The data are not consistent with any of these alternative explanations for our results.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::36cec0c5179ea8789ef69e9ac42c45e9 https://doi.org/10.1007/s11002-011-9142-5 Zobrazit plný text záznamu Full text from SpringerLink