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Investor attention and advisor social media interaction

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  • Tao Guo
  • Michael Finke
  • Barry Mulholland

Abstract

In this article, we use a unique data set of financial advisors' daily tweets to study investor attention. We develop an investor attention measure based on tweets between individual investors and their advisors in order to study the relation between investor attention and market fluctuations. Tweet frequency data indicate that investor attention increases on days with larger price fluctuations. Investors pay more attention to smaller gains than to smaller losses. However, attention increases by a greater magnitude for large losses than for large gains. Our findings provide evidence that daily equity return fluctuations are associated with individual investor attention and that large negative returns have the strongest impact on attention.

Suggested Citation

  • Tao Guo & Michael Finke & Barry Mulholland, 2015. "Investor attention and advisor social media interaction," Applied Economics Letters, Taylor & Francis Journals, vol. 22(4), pages 261-265, March.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:4:p:261-265
    DOI: 10.1080/13504851.2014.937030
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    Cited by:

    1. Li, Yue & Goodell, John W. & Shen, Dehua, 2021. "Comparing search-engine and social-media attentions in finance research: Evidence from cryptocurrencies," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 723-746.
    2. Cynthia Pagliaro & Dhagash Mehta & Han-Tai Shiao & Shaofei Wang & Luwei Xiong, 2021. "Investor Behavior Modeling by Analyzing Financial Advisor Notes: A Machine Learning Perspective," Papers 2107.05592, arXiv.org.
    3. Zhang, Bing & Wang, Yudong, 2015. "Limited attention of individual investors and stock performance: Evidence from the ChiNext market," Economic Modelling, Elsevier, vol. 50(C), pages 94-104.
    4. Jenna Florendo & Hooman Estelami, 2019. "The role of cognitive style, gullibility, and demographics on the use of social media for financial decision making," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 24(1), pages 1-10, June.
    5. Stéphane Goutte & David Guerreiro & Bilel Sanhaji & Sophie Saglio & Julien Chevallier, 2019. "International Financial Markets," Post-Print halshs-02183053, HAL.

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