Internet stock message boards and the price–volume relationship: Registered users vs non-registered users

Zuochao Zhang and Dehua Shen

Finance Research Letters, 2024, vol. 61, issue C

Abstract: With the newly available data distinguishing between registered users and non-registered users, we empirically reveal that there exists a significantly negative relationship between the number of Internet stock message boards postings from non-registered users and return volatility. Considering the theory that investors overreact to stale information, this finding suggests that postings from non-registered users generate temporary mispricing.

Keywords: Internet stock message boards; Return volatility; Price–volume relationship; MDH; SIAH (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:61:y:2024:i:c:s1544612324000941

DOI: 10.1016/j.frl.2024.105064

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