The Informativeness of Consumer Opinions on Firm Fundamentals PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Informativeness of Consumer Opinions on Firm Fundamentals PDF full book. Access full book title The Informativeness of Consumer Opinions on Firm Fundamentals by Shunyao Jin. Download full books in PDF and EPUB format.
Author: Shunyao Jin Publisher: ISBN: 9781392153338 Category : Electronic dissertations Languages : en Pages : 69
Book Description
This study examines whether online consumer product reviews contain information that is associated with firms' earnings and stock returns around earnings announcements. Ex ante, it is unclear whether consumer reviews are useful to investors because consumer reviews have not been easily accessible or widely disseminated. Based on 18,794,143 consumer reviews posted on Amazon.com during 1996-2014, I construct quarterly measures of abnormal tone and abnormal rating of consumer reviews and link them to earnings surprises and earnings announcement returns. Focusing on concurrent earnings surprises, I find that negative abnormal tone is significantly associated with more negative earnings surprises while positive abnormal tone is not associated with positive earnings surprises. My analyses of abnormal returns around concurrent earnings announcements show that negative abnormal tone is positively associated with earnings announcement returns, but positive abnormal tone is not. Finally, I find that disagreements in review ratings (measured as the standard deviation of consumer review ratings) are positively associated with unexplained trading volume around earnings announcements, while disagreements in review tone (measured as the standard deviation of consumer review tone) are not. Taken together, these findings suggest that abnormal review tone is more useful than abnormal review rating in explaining concurrent earnings surprises and earnings announcement returns, but the disagreements reflected through the distribution of consumer ratings is more informative about the unexplained trading volume around earnings announcements. My results suggest that both the rating and the tone of consumer reviews are informative, but along different dimensions.
Author: Shunyao Jin Publisher: ISBN: 9781392153338 Category : Electronic dissertations Languages : en Pages : 69
Book Description
This study examines whether online consumer product reviews contain information that is associated with firms' earnings and stock returns around earnings announcements. Ex ante, it is unclear whether consumer reviews are useful to investors because consumer reviews have not been easily accessible or widely disseminated. Based on 18,794,143 consumer reviews posted on Amazon.com during 1996-2014, I construct quarterly measures of abnormal tone and abnormal rating of consumer reviews and link them to earnings surprises and earnings announcement returns. Focusing on concurrent earnings surprises, I find that negative abnormal tone is significantly associated with more negative earnings surprises while positive abnormal tone is not associated with positive earnings surprises. My analyses of abnormal returns around concurrent earnings announcements show that negative abnormal tone is positively associated with earnings announcement returns, but positive abnormal tone is not. Finally, I find that disagreements in review ratings (measured as the standard deviation of consumer review ratings) are positively associated with unexplained trading volume around earnings announcements, while disagreements in review tone (measured as the standard deviation of consumer review tone) are not. Taken together, these findings suggest that abnormal review tone is more useful than abnormal review rating in explaining concurrent earnings surprises and earnings announcement returns, but the disagreements reflected through the distribution of consumer ratings is more informative about the unexplained trading volume around earnings announcements. My results suggest that both the rating and the tone of consumer reviews are informative, but along different dimensions.
Author: Jiekun Huang Publisher: ISBN: Category : Languages : en Pages : 48
Book Description
This paper investigates whether consumer opinions convey value-relevant information to financial markets. Using a dataset of over 14.5 million customer product reviews on Amazon.com from 2004 through 2015, I find evidence that consumer opinions contain information for stock pricing. A spread portfolio that is long on stocks with high abnormal customer ratings and short on stocks with low abnormal customer ratings delivers an abnormal return of around 55.7 to 73.0 basis points per month. There is no evidence of return reversals in the subsequent year. The return predictability of customer ratings continues to hold after controlling for firm characteristics such as gross profitability, advertising, R&D, and trading volume. Furthermore, abnormal customer ratings positively predict revenues and earnings surprises. These results suggest that consumer opinions contain novel information about firms' fundamentals and stock pricing.
Author: Dr. José Martí-Parreño Publisher: Academic Conferences and publishing limited ISBN: 1912764555 Category : Business & Economics Languages : en Pages :
Author: Wulf Albers Publisher: Springer Science & Business Media ISBN: 3642604951 Category : Business & Economics Languages : en Pages : 526
Book Description
Strategic interaction occurs whenever it depends on others what one finally obtains: on markets, in firms, in politics etc. Game theorists analyse such interaction normatively, using numerous different methods. The rationalistic approach assumes perfect rationality whereas behavioral theories take into account cognitive limitations of human decision makers. In the animal kingdom one usually refers to evolutionary forces when explaining social interaction. The volume contains innovative contributions, surveys of previous work and two interviews which shed new light on these important topics of the research agenda. The contributions come from highly regarded researchers from all over the world who like to express in this way their intellectual inspiration by the Nobel-laureate Reinhard Selten.
Author: Luca Fiorito Publisher: Emerald Group Publishing ISBN: 180455930X Category : Business & Economics Languages : en Pages : 168
Book Description
Research in the History of Economic Thought and Methodology (RHETM) is a book series dedicated to an interdisciplinary approach to a broad range of topics related to the history and methodology of economics.
Author: Francisco J. Navarro-Meneses Publisher: CABI ISBN: 1789249309 Category : Business & Economics Languages : en Pages : 357
Book Description
Smart technologies are revolutionizing tourism, as they are having a profound impact on the way tourists behave and on how firms interact with them and create value. The increasing availability of real-time Big Data and the advances made in data analytics techniques, artificial intelligence, and IoT, has begun to transform tourism organizations in ways not previously considered, and in a lasting manner. This book delivers the latest and most relevant advances in the field of smart transformation and the management practices that can be put into practice to continue creating value in the years to come. Divided into four main parts and 23 chapters, it highlights the challenges that the Smart Revolution brings to tourism firms by providing updated knowledge on the literature, research, and experiences of the author. The book will also provide a guide for action to business leaders and those approaching the fundamentals of the Smart Revolution for the first time. It will also serve as a valuable text for undergraduate and graduate students on specialized courses in tourism, technology, and business transformation.
Author: Claudiu V. Dimofte Publisher: Routledge ISBN: 131750206X Category : Business & Economics Languages : en Pages : 329
Book Description
Consumer Psychology in a Social Media World seeks to illustrate the relevance of consumer psychology theory and research to understanding the social media world that has rapidly become a key component in the social and economic lives of most individuals. Despite the rapid and widespread adoption of social media by consumers, research focused on individuals’ use thereof and its implications for organizations and society has been limited and published in scattered outlets. This has made it difficult for those trying to get either a quick introduction or an in-depth understanding of the associated issues to locate relevant scientific-based information. The book is organized into five broad sections. The first presents a summary overview of social media, including a historical and cultural perspective. The second section is focused on social media as a modern form of word of mouth, always considered the most impactful on consumers. It also touches upon a motivational explanation for why social media has such a strong and broad appeal. Section three addresses the impact that consumers’ switch to social media as a preferred channel has had on marketers’ branding and promotional efforts, as well as the ways in which consumer involvement can be maintained through this process. Section four takes a methodological perspective on the topic of social media, assessing ways in which big data and consumer research are influenced by novel ways of gathering consumer feedback and gauging consumer sentiment. Finally, section five looks at some consumer welfare and public policy implications, including privacy and disadvantaged consumer concerns. Consumer Psychology in a Social Media World will appeal to those who are involved in creating, managing, and evaluating products used in social media communications. As seen in recent financial and business market successes (e.g., Facebook, Twitter, LinkedIn, Instagram, Pinterest, WhatsApp, etc.), businesses focused on facilitating social media are part of the fastest growing and most valuable sector of today’s economy.
Author: Albert N. Link Publisher: Springer Science & Business Media ISBN: 9780387250106 Category : Business & Economics Languages : en Pages : 330
Book Description
Edwin Mansfield was a research pioneer into the economics of R and D and technological change. As appreciation and remembrance for his scholarly contributions, eminent scholars have contributed original papers for this edited volume. The authors have followed the "Mansfieldian” approach of emphasizing economic insight and intuition over mathematical rigor and as a result are very accessable. Essays in Honor of Edwin Mansfield has the potential to serve as a reader in all advanced undergraduate and graduate classes/seminars in the economics of R and D and technological change. This edited volume will be the definitive work in the field.
Author: Curtis P. Haugtvedt Publisher: Psychology Press ISBN: 1136676201 Category : Psychology Languages : en Pages : 1892
Book Description
This Handbook contains a unique collection of chapters written by the world's leading researchers in the dynamic field of consumer psychology. Although these researchers are housed in different academic departments (ie. marketing, psychology, advertising, communications) all have the common goal of attaining a better scientific understanding of cognitive, affective, and behavioral responses to products and services, the marketing of these products and services, and societal and ethical concerns associated with marketing processes. Consumer psychology is a discipline at the interface of marketing, advertising and psychology. The research in this area focuses on fundamental psychological processes as well as on issues associated with the use of theoretical principles in applied contexts. The Handbook presents state-of-the-art research as well as providing a place for authors to put forward suggestions for future research and practice. The Handbook is most appropriate for graduate level courses in marketing, psychology, communications, consumer behavior and advertising.
Author: Shunyao Jin
Author: Shunyao Jin
Author: Jiekun Huang
Author: Dr. José Martí-Parreño 
Author: Philip Ward Burton
Author: Wulf Albers
Author: Luca Fiorito
Author: Francisco J. Navarro-Meneses
Author: Claudiu V. Dimofte
Author: Albert N. Link
Author: Curtis P. Haugtvedt