A Brave New World: The Use of Non-traditional Information in Capital Markets

Partha S. Mohanram

Chapter 9 in Information for Efficient Decision Making:Big Data, Blockchain and Relevance, 2020, pp 217-237 from World Scientific Publishing Co. Pte. Ltd.

Abstract: For a long time, three primary sources of information were relevant for capital markets. One was the financial disclosures provided by firms in their regulated periodical financial statements. The second was the information from stock prices and returns. The third was press coverage about the firms and their activities. The past two decades has seen a sea change in the way information is generated, transmitted, and processed. In this chapter, I outline some of these changes, with a focus on a new and potentially revolutionary channel for the generation and peer-to-peer sharing of information — social media. I also discuss the impact of the emergence of big data analytics and blockchain on capital markets. Finally, I conclude by outlining the implications of these changes on firms, information intermediaries, investors, auditors, and academics.

Keywords: Accounting; Decision Making; Economic Information; Stock Trading; Acquisitions; Mergers; Financing Reporting; Reliable Information; Company Decisions (search for similar items in EconPapers)
JEL-codes: A1 M41 (search for similar items in EconPapers)
Date: 2020
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