Strategic Content Generation and Monetization in Financial Social Media

References

• Albuquerque P, Pavlidis P, Chatow U, Chen KY, Jamal Z (2012) Evaluating promotional activities in an online two-sided market of user-generated content. Marketing Sci. 31(3):406–432.Link, Google Scholar
• Antweiler W, Frank MZ (2004) Is all that talk just noise? The information content of internet stock message boards. J. Finance 59(3):1259–1294.Crossref, Google Scholar
• Aral S, Dhillon P (2020) Digital paywall design: Implications for content demand & subscriptions. Management Sci. 67(4):2381–2402.Link, Google Scholar
• Arner DW, Barberis J, Buckley RP (2015) The evolution of fintech: A new post-crisis paradigm. Geo. J. Int’l L. 47:1271–1319.Google Scholar
• Baek J, Shore J (2020) Forum size and content contribution per person: A field experiment. Management Sci. 66(12):5906–5924.Google Scholar
• Bagnoli M, Beneish MD, Watts SG (1999) Whisper forecasts of quarterly earnings per share. J. Account. Econom. 28(1):27–50.Crossref, Google Scholar
• Baker M, Wurgler J (2004a) Appearing and disappearing dividends: The link to catering incentives. J. Financial Econom. 73(2):271–288.Crossref, Google Scholar
• Baker M, Wurgler J (2004b) A catering theory of dividends. J. Finance 59(3):1125–1165.Crossref, Google Scholar
• Baker M, Greenwood R, Wurgler J (2009) Catering through nominal share prices. J. Finance 64(6):2559–2590.Crossref, Google Scholar
• Baldi P, Itti L (2010) Of bits and wows: A Bayesian theory of surprise with applications to attention. Neural Netw. 23(5):649–666.Crossref, Google Scholar
• Barberis N, Thaler R (2003) A survey of behavioral finance. Handbook of the Economics of Finance, vol. 1 (Elsevier, Amsterdam), 1053–1128.Crossref, Google Scholar
• Barberis N, Shleifer A, Vishny R (1998) A model of investor sentiment. J. Financial Econom. 49(3):307–343.Crossref, Google Scholar
• Barron OE (1995) Trading volume and belief revisions that differ among individual analysts. Account. Rev. 72(4):581–597.Google Scholar
• Baumeister RF, Bratslavsky E, Finkenauer C, Vohs KD (2001) Bad is stronger than good. Rev. Gen. Psychol. 5(4):323–370.Crossref, Google Scholar
• Becker JU, Clement M, Schaedel U (2010) The impact of network size and financial incentives on adoption and participation in new online communities. J. Media Econom. 23(3):165–179.Crossref, Google Scholar
• Ben-David I, Franzoni F, Kim B, Moussawi R (2023) Competition for attention in the Etf space. Rev. Financial Stud. 36(3):987–1042.Crossref, Google Scholar
• Benner MJ, Ranganathan R (2013) Divergent reactions to convergent strategies: Investor beliefs and analyst reactions during technological change. Organ. Sci. 24(2):378–394.Link, Google Scholar
• Bhattacharya P, Phan TQ, Bai X, Airoldi EM (2019) A coevolution model of network structure and user behavior: The case of content generation in online social networks. Inf. Syst. Res. 30(1):117–132.Link, Google Scholar
• Bollen J, Mao H, Zeng X (2011) Twitter mood predicts the stock market. J. Comput. Sci. 2(1):1–8.Crossref, Google Scholar
• Bronnenberg BJ, Mahajan V (2001) Unobserved retailer behavior in multimarket data: Joint spatial dependence in market shares and promotion variables. Marketing Sci. 20(3):284–299.Link, Google Scholar
• Brown LD, Call AC, Clement MB, Sharp NY (2015) Inside the “black box” of sell-side financial analysts. J. Account. Res. 53(1):1–47.Crossref, Google Scholar
• Cavusoglu H, Phan TQ, Cavusoglu H, Airoldi EM (2016) Assessing the impact of granular privacy controls on content sharing and disclosure on Facebook. Inf. Syst. Res. 27(4):848–879.Link, Google Scholar
• Chen HL, Hu YJ, Huang S (2019) Monetary incentive and stock opinions on social media. J. Manage. Inf. Syst. 36(2):391–417.Crossref, Google Scholar
• Chen H, De P, Hu YJ, Hwang B-H (2014) Wisdom of crowds: The value of stock opinions transmitted through social media. Rev. Financial Stud. 27(5):1367–1403.Crossref, Google Scholar
• Chiu PC, Lourie B, Nekrasov A, Teoh SH (2021) Cater to thy client: Analyst responsiveness to institutional investor attention. Management Sci. 67(12):7455–7471.Link, Google Scholar
• Clarkson PM, Joyce D, Tutticci I (2006) Market reaction to takeover rumour in Internet discussion sites. Account. Finance 46(1):31–52.Crossref, Google Scholar
• Das SR, Chen MY (2007) Yahoo! for Amazon: Sentiment extraction from small talk on the Web. Management Sci. 53(9):1375–1388.Link, Google Scholar
• De Franco G, Vasvari FP, Wittenberg-Moerman R (2009) The informational role of bond analysts. J. Account. Res. 47(5):1201–1248.Crossref, Google Scholar
• Ebbes P, Wedel M, Böckenholt U, Steerneman T (2005) Solving and testing for Regressor-error (in)dependence when no instrumental variables are available: With new evidence for the effect of education on income. Quant. Marketing Econom. 3(4):365–392.Crossref, Google Scholar
• Egan J, Cetera M (2023) Nearly 80% of young adults get financial advice from this surprising place. Forbes Advisor. Retrieved February 1, 2024, https://www.forbes.com/advisor/investing/financial-advisor/adults-financial-advice-social-media/.Google Scholar
• Giglio S, Maggiori M, Stroebel J, Utkus S (2021) The joint dynamics of investor beliefs and trading during the Covid-19 crash. Proc. Natl. Acad. Sci. USA 118(4):e2010316118.Crossref, Google Scholar
• Goes PB, Lin M, Au Yeung C-m (2014) “Popularity Effect” in user-generated content: Evidence from online product reviews. Inform. Systems Res. 25(2):222–238.Link, Google Scholar
• Guiso L, Sapienza P, Zingales L (2018) Time varying risk aversion. J. Financial Econom. 128(3):403–421.Crossref, Google Scholar
• Guo C, Kim TH, Susarla A, Sambamurthy V (2020) Understanding content contribution behavior in a geosegmented mobile virtual community: The context of Waze. Inform. Systems Res. 31(4):1398–1420.Link, Google Scholar
• Heimbach I, Hinz O (2018) The impact of sharing mechanism design on content sharing in online social networks. Inform. Systems Res. 29(3):592–611.Link, Google Scholar
• Hsieh G, Kraut RE, Hudson SE (2010) Why pay? Exploring how financial incentives are used for question & answer. Proceedings of the SIGCHI Conference on Human Factors in Computing Systems (ACM, New York), 305–314.Google Scholar
• Hu T, Tripathi A (2018) Is there a free lunch? Examining the value of free content on equity review platforms. Digital Transformation: Challenges and Opportunities: 16th Workshop on e-Business, WeB 2017, Seoul, South Korea, December 10, 2017, Revised Selected Papers 16 (Springer International Publishing, Cham, Switzerland), 79–86.Google Scholar
• Huang AH, Lehavy R, Zang AY, Zheng R (2018) Analyst information discovery and interpretation roles: A topic modeling approach. Management Sci. 64(6):2833–2855.Link, Google Scholar
• Hwang EH, Singh PV, Argote L (2015) Knowledge sharing in online communities: Learning to cross geographic and hierarchical boundaries. Organ. Sci. 26(6):1593–1611.Link, Google Scholar
• Kadous K, Mercer M, Zhou YD (2019) Do individual investors understand how social media advice influences their investment decision? Preprint, submitted June 17, http://dx.doi.org/10.2139/ssrn.2968407.Google Scholar
• Kim KH, Kumar V (2018) The relative influence of economic and relational direct marketing communications on buying behavior in business-to-business markets. J. Marketing Res. 55(1):48–68.Crossref, Google Scholar
• Kitagawa G (1996) Monte Carlo filter and smoother for non-Gaussian nonlinear state space models. J. Comput. Graph. Statist. 5(1):1–25.Crossref, Google Scholar
• Kogan S, Moskowitz TJ, Niessner M (2022) Social media and financial news manipulation. Rev. Finance 27(4):1229–1268.Google Scholar
• Lachaab M, Ansari A, Jedidi K, Trabelsi A (2006) Modeling preference evolution in discrete choice models: A Bayesian state-space approach. Quant. Marketing Econom. 4(1):57–81.Crossref, Google Scholar
• Lambrecht A, Misra K (2017) Fee or free: When should firms charge for online content? Management Sci. 63(4):1150–1165.Link, Google Scholar
• Li S, Sun B, Montgomery AL (2011) Cross-selling the right product to the right customer at the right time. J. Marketing Res. 48(4):683–700.Crossref, Google Scholar
• Lindsten F, Schön TB (2013) Backward simulation methods for Monte Carlo statistical inference. Foundations and Trends® in Machine Learning 6(1):1–143.Crossref, Google Scholar
• Liu Y, Feng J (2015) Can Monetary Incentives Increase Ugc Contribution? (The Motivation and Competition Crowding Out, Fort Worth, TX).Google Scholar
• Liu Y, Shankar V (2015) The dynamic impact of product-harm crises on brand preference and advertising effectiveness: An empirical analysis of the automobile industry. Management Sci. 61(10):2514–2535.Link, Google Scholar
• Liu TX, Yang J, Adamic LA, Chen Y (2014) Crowdsourcing with all-pay auctions: A field experiment on Taskcn. Management Sci. 60(8):2020–2037.Link, Google Scholar
• Loughran TIM, 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
• Lu Y, Singh PV, Sun B (2017) Is a core-periphery network good for knowledge sharing? A structural model of endogenous network formation on a crowdsourced customer support forum. Management Inform. Syst. Q. 41(2):607–628.Crossref, Google Scholar
• Luo A, Kumar V (2013) Recovering hidden buyer–seller relationship states to measure the return on marketing investment in business-to-business markets. J. Marketing Res. 50(1):143–160.Crossref, Google Scholar
• Luo X, Zhang J, Duan W (2013) Social media and firm equity value. Inform. Systems Res. 24(1):146–163.Link, Google Scholar
• Manchanda P, Rossi PE, Chintagunta PK (2004) Response modeling with nonrandom marketing-mix variables. J. Marketing Res. 41(4):467–478.Crossref, Google Scholar
• Mason W, Watts DJ (2010) Financial incentives and the performance of crowds. SIGKDD Explor. 11(2):100–108.Crossref, Google Scholar
• Matsuyama A, Wood T (2022) The rising role of social media ‘finfluencers’. Deloitte. Retrieved February 1, 2024, https://www.deloitte.com/au/en/Industries/financial-services/blogs/rising-role-social-media-finfluencers.html.Google Scholar
• Meng X (2015) Analyst reputation, communication, and information acquisition. J. Account. Res. 53(1):119–173.Crossref, Google Scholar
• Morris S (2001) Political correctness. J. Political Econom. 109(2):231–265.Crossref, Google Scholar
• Musalem A, Bradlow ET, Raju JS (2008) Who’s got the coupon? Estimating consumer preferences and coupon usage from aggregate information. J. Marketing Res. 45(6):715–730.Crossref, Google Scholar
• Nair HS, Misra S, Hornbuckle WJ, Mishra R, Acharya A (2017) Big data and marketing analytics in gaming: Combining empirical models and field experimentation. Marketing Sci. 36(5):699–725.Link, Google Scholar
• Nguyen P, Wang X, Li X, Cotte J (2021) Reviewing experts’ restraint from extremes and its impact on service providers. J. Consumer Res. 47(5):654–674.Crossref, Google Scholar
• Oh H, Animesh A, Pinsonneault A (2016) Free vs. for-a-fee: The impact of a paywall on the pattern and effectiveness of word-of-mouth via social media. Management Inform. System Q. 40(1):31–56.Crossref, Google Scholar
• Park J, Konana P, Gu B, Kumar A, Raghunathan R (2013) Information valuation and confirmation bias in virtual communities: Evidence from stock message boards. Inform. Systems Res. 24(4):1050–1067.Link, Google Scholar
• Pattabhiramaiah A, Sriram S, Sridhar S (2018) Rising prices under declining preferences: The case of the US print newspaper industry. Marketing Sci. 37(1):97–122.Link, Google Scholar
• Pauwels K, Weiss A (2008) Moving from free to fee: How online firms market to change their business model successfully. J. Marketing 72(3):14–31.Crossref, Google Scholar
• Qiu L, Kumar S (2017) Understanding voluntary knowledge provision and content contribution through a social-media-based prediction market: A field experiment. Inform. Systems Res. 28(3):529–546.Link, Google Scholar
• Roll R (1984) A simple implicit measure of the effective bid‐ask spread in an efficient market. J. Finance 39(4):1127–1139.Crossref, Google Scholar
• Rossi PE, Allenby GM (2003) Bayesian statistics and marketing. Marketing Sci. 22(3):304–328.Link, Google Scholar
• Rozin P, Royzman EB (2001) Negativity bias, negativity dominance, and contagion. Pers. Soc. Psychol. Rev. 5(4):296–320.Crossref, Google Scholar
• Rutz OJ, Trusov M (2011) Zooming in on paid search ads-a consumer-level model calibrated on aggregated data. Marketing Sci. 30(5):789–800.Link, Google Scholar
• Sabherwal S, Sarkar SK, Zhang Y (2008) Online talk: Does it matter? Management Finance 34(6):423–436.Google Scholar
• Saboo AR, Grewal R (2013) Stock market reactions to customer and competitor orientations: The case of initial public offerings. Marketing Sci. 32(1):70–88.Link, Google Scholar
• Schweidel DA, Knox G (2013) Incorporating direct marketing activity into latent attrition models. Marketing Sci. 32(3):471–487.Link, Google Scholar
• SEC (2012) Investment adviser use of social media. National Examination Risk Alert 2(1):1–7.Google Scholar
• SEC (2014) Updated investor alert: Social media and investing – Avoiding fraud. U.S. Securities and Exchange Commission, Washington, DC.Google Scholar
• SEC (2019) Investor bulletin: Social sentiment investing tools—Think twice before trading based on social media. U.S. Securities and Exchange Commission, Washington, DC.Google Scholar
• Shen W, Hu YJ, Rees J (2015) Competing for attention: An empirical study of online reviewers’ strategic behavior. Manage. Inf. Syst. Q. 39(3):683–696.Crossref, Google Scholar
• Shi Z, Rui H, Whinston AB (2014) Content sharing in a social broadcasting environment: Evidence from Twitter. Manage. Inf. Syst. Q. 38(1):123–142.Crossref, Google Scholar
• Song T, Huang J, Tan Y, Yu Y (2019) Using user-and marketer-generated content for box office revenue prediction: Differences between microblogging and third-party platforms. Inform. Systems Res. 30(1):191–203.Link, Google Scholar
• Sriram S, Kalwani MU (2007) Optimal advertising and promotion budgets in dynamic markets with brand equity as a mediating variable. Management Sci. 53(1):46–60.Link, Google Scholar
• Stephen A, Bart Y, Du Plessis C, Goncalves D (2012) Does paying for online product reviews pay off? The effects of monetary incentives on content creators and consumers. NA Adv. Consumer Res. 40:228–231.Google Scholar
• Tang Q, Gu B, Whinston AB (2012) Content contribution for revenue sharing and reputation in social media: A dynamic structural model. J. Management Inform. Syst. 29(2):41–75.Crossref, 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 PC, Saar-Tsechansky M, Macskassy S (2008) More than words: Quantifying language to measure firms’ fundamentals. J. Finance 63(3):1437–1467.Crossref, Google Scholar
• Van Diepen M, Donkers B, Franses PH (2009) Dynamic and competitive effects of direct mailings: A charitable giving application. J. Marketing Res. 46(1):120–133.Crossref, Google Scholar
• Wang J, Ghose A, Ipeirotis P (2012) Bonus, disclosure, and choice: What motivates the creation of high-quality paid reviews? Proceedings of the Thirty Third International Conference on Information Systems (ICIS 2012), 9 (Association for Information Systems, Atlanta).Google Scholar
• Wang Y-Y, Guo C, Susarla A, Sambamurthy V (2021) Online to offline: The impact of social media on offline sales in the automobile industry. Inform. Systems Res. 32(2):582–604.Link, Google Scholar
• Wei Z, Xiao M, Rong R (2020) Network size and content generation on social media platforms. Production Oper. Management 30(5):1406–1426.Google Scholar
• Zhang J, Wedel M, Pieters R (2009) Sales effects of attention to feature advertisements: A Bayesian mediation analysis. J. Marketing Res. 46(5):669–681.Crossref, Google Scholar
• Zhao L, Detlor B, Connelly CE (2016) Sharing knowledge in social Q&A sites: The unintended consequences of extrinsic motivation. J. Management Inform. Syst. 33(1):70–100.Crossref, Google Scholar
• Zhao Y, Zhao Y, Song I (2009) Predicting new customers’ risk type in the credit card market. J. Marketing Res. 46(4):506–517.Crossref, Google Scholar
• Zheludev I, Smith R, Aste T (2014) When can social media lead financial markets? Sci. Rep. 4(1):1–12.Crossref, Google Scholar