The relationship between online chatter and firm value

被引：16
|
作者：
McAlister, Leigh [1 ]
Sonnier, Garrett [1 ]
Shively, Tom [1 ]
机构：
[1] Univ Texas Austin, McCombs Sch Business, Austin, TX 78712 USA
来源：
MARKETING LETTERS | 2012年 / 23卷 / 01期
关键词：
Online word of mouth; Value relevance; Financial markets; WORD-OF-MOUTH; IMPACT; SALES; DYNAMICS; REVIEWS; NOISE;
D O I：
10.1007/s11002-011-9142-5
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
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页码：1 / 12
页数：12
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