摘要: The anecdotal evidence is growing that postings in Internet financial forums affect stock prices, either because the contain new information or they represent successful attempts to manipulate prices. From an investment perspective, knowing whether this phenomenon pervasive important. We examined relationship between message board activity and abnormal returns trading volume period from mid-April 1999 mid-February 2000. Our study focused on RagingBull.com discussion forum, extremely popular site whose format permits construction of objective measure investor opinions. For stocks service sector, we found days with abnormally high activity, changes opinion correlated industry-adjusted returns. These event also coincided volume, which persisted for a second day. However, did not predict industry-adjusted...
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