Fake News, Investor Attention, and Market Reaction

References

• Agrawal A, Chen MA (2008) Do analyst conflicts matter? Evidence from stock recommendations. J. Law Econom. 51(3):503–537.Crossref, Google Scholar
• Allcott H, Gentzkow M (2017) Social media and fake news in the 2016 election. J. Econom. Perspect. 31(2):211–236.Crossref, Google Scholar
• Bamber L, Cheon Y (1995) Differential price and volume reactions to accounting earnings announcements. Accounting Rev. 70(3):417–441.Google Scholar
• Bond CF, DePaulo BM (2006) Accuracy of deception judgments. Personality Soc. Psych. Rev. 10(3):214–234.Crossref, Google Scholar
• Brunnermeier M, Parker J (2005) Optimal expectations. Amer. Econom. Rev. 95(4):1092–1118.Crossref, Google Scholar
• Bushee B, Core J, Guay W, Hamm S (2010) The role of the business press as an information intermediary. J. Accounting Res. 48(1):1–19.Crossref, Google Scholar
• Caliendo M, Kopeining S (2008) Some practical guidance for the implementation of propensity score matching. J. Econom. Survey 22(1):31–72.Crossref, Google Scholar
• Chen T, Guestrin C (2016) XGBoost: A scalable tree boosting system. Proc. 22nd ACM SIGKDD Internat. Conf. Knowledge Discovery Data Mining (ACM, New York), 785–794.Crossref, Google Scholar
• Chen H, De P, Hu Y, Hwang B (2014) Wisdom of crowds: The value of stock opinions transmitted through social media. Rev. Financial Stud. 27:1367–1403.Crossref, Google Scholar
• Cheon Y, Christensen T, Bamber L (2001) Factors associated with differences in the magnitude of abnormal returns around NYSE vs. Nasdaq firms’ earnings announcements. J. Bus. Finance Accounting 28(9–10):1073–1108.Crossref, Google Scholar
• Chopra F, Haaland I, Roth C (2019) Do people value more informative news? Working paper, University of Warwick, Warwick, UK.Google Scholar
• Dehejia RH, Wahba S (2002) Propensity score-matching methods for nonexperimental causal studies. Rev. Econom. Statist. 84(1):151–161.Crossref, Google Scholar
• Golman R, Hagmann D, Loewenstein G (2017) Information avoidance. J. Econom. Lit. 55(1):96–135.Crossref, Google Scholar
• Hobson J, Mayew W, Venkatachalam M (2011) Analyzing speech to detect financial misreporting. J. Accounting Res. 50(2):349–392.Crossref, Google Scholar
• Hu N, Bose I, Koh NS, Liu L (2012) Manipulation of online reviews: An analysis of ratings, readability, and sentiments. Decision Support Systems 52(3):674–684.Crossref, Google Scholar
• Isaac M, Wakabayashi D (2017) Russian influence reached 126 million through Facebook alone. New York Times (October 30), https://www.nytimes.com/2017/10/30/technology/facebook-google-russia.html.Google Scholar
• Kim O, Verrecchia R (1991) Trading volume and price reactions to public announcements. J. Accounting Res. 29(2):302–321.Crossref, Google Scholar
• Kirk M (2011) Research for sale: Determinants and consequences of paid-for analyst research. J. Financial Econom. 100(1):182–200.Crossref, Google Scholar
• Kogan S, Moskowitz TJ, Niessner M (2019) Fake news: Evidence from financial markets. Working paper, Massachusetts Institute of Technology, Cambridge, MA.Google Scholar
• Lappas T, Sabnis G, Valkanas G (2016) The impact of fake reviews on online visibility: A vulnerability assessment of the hotel industry. Inform. Systems Res. 27(4):940–961.Link, Google Scholar
• Larcker D, Zakolyukina A (2012) Detecting deceptive discussions in conference calls. J. Accounting Res. 50(2):495–540.Crossref, Google Scholar
• Loughran T, McDonald B (2011) When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. J. Finance 66(1):35–65.Crossref, Google Scholar
• Luca M, Zervas G (2016) Fake it till you make it: Reputation, competition, and Yelp review fraud. Management Sci. 62(12):3412–3427.Link, Google Scholar
• Newman M, Pennebaker J, Berry D, Richards J (2003) Lying words: Predicting deception from linguistic styles. Personality Soc. Psych. Bull. 29(5):665–675.Crossref, Google Scholar
• Pennebaker JW, Francis ME, Booth RJ (1993) Linguistic inquiry and word count. Technical report, Southern Methodist University, Dallas.Google Scholar
• Pennebaker JW, Booth RJ, Boyd RL, Francis ME (2015) Linguistic Inquiry and Word Count: LIWC2015 (Pennebaker Conglomerates, Austin, TX).Google Scholar
• Purda L, Skillicorn D (2014) Accounting variables, deception, and a bag of words: Assessing the tools of fraud detection. Contemporary Accounting Res. 32(3):1193–1223.Crossref, Google Scholar
• Rosenbaum PR, Rubin DB (1983) The central role of the propensity score in observational studies for causal effects. Biometrika 70(1):41–55.Crossref, Google Scholar
• Stempel J (2017) SEC targets fake stock news on financial websites. Reuters (April 10), https://www.reuters.com/article/us-sec-fakenews-idUSKBN17C1YP.Google Scholar
• Tetlock PC (2007) Giving content to investor sentiment: The role of media in the stock market. J. Finance 62(3):1139–1168.Crossref, Google Scholar
• Tetlock P, Saar-Tsechansky M, Macskassy S (2008) More than words: Quantifying language to measure firms’ fundamentals. J. Finance 63(3):1437–1467.Crossref, Google Scholar
• U.S. Securities and Exchange Commission (2017) SEC: Payments for bullish articles on stocks must be disclosed to investors. Accessed January 6, 2020, https://www.sec.gov/news/press-release/2017-79.Google Scholar
• Vosoughi S, Roy D, Aral S (2018) The spread of true and false news online. Science 359(6380):1145–1151.Crossref, Google Scholar
• Vrij A (2008) Detecting Lies and Deceit: Pitfalls and Opportunities, 2nd ed. (Wiley-Interscience, New York).Google Scholar
• Zhou L, Zhang D (2008) Following linguistic footprints: Automatic deception detection in online communication. Comm. ACM 51(9):119–122.Crossref, Google Scholar
• Zhou L, Burgoon JK, Nunamaker JF, Twitchell D (2004) Automating linguistics-based cues for detecting deception in text-based asynchronous computer-mediated communication. Group Decision Negotiation 13(1):81–106.Crossref, Google Scholar