Social Trading, Communication, and Networks

IF 5 3区 管理学 Q1 INFORMATION SCIENCE & LIBRARY SCIENCE Information Systems Research Pub Date : 2023-10-20 DOI:10.1287/isre.2021.0143
Jiaying Deng, Mingwen Yang, Matthias Pelster, Yong Tan
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Abstract

Social trading is an emerging market in the sharing economy, allowing investors (followers) to duplicate the trades of other investors (leaders) in real time. We analyze the formation and dissolution of links in a large social trading network. Such networks are characterized by the rapid dissolution of links, increasing the importance of studying network dissolution. We investigate how social communication, along with financial performance and demographics, affects dynamic network evolution. We show that different types of social communication, such as posts and comments, have different implications for link formation and dissolution. Moreover, we find financial performance to be highly important for link formation and dissolution, whereas demographic characteristics are only relevant for link formation. In social trading, the extreme flexibility of followers in dissolving links and thereby, terminating their relationship instantaneously brings about large income uncertainty for leaders. Thus, a thorough understanding of network evolution and its determinants is crucial for leaders. Our results can provide guidance on when and how to communicate with followers. As vocal leaders on social media may exert a significant influence on financial markets—as demonstrated by recent the GameStop frenzy—a better understanding of the evolution of investment networks is also important for regulators.
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社会交易、沟通和网络
社交交易是共享经济中的新兴市场,允许投资者(追随者)实时复制其他投资者(领导者)的交易。我们分析了一个大型社会交易网络中链接的形成和解散。这种网络的特点是链路的快速分解,增加了研究网络分解的重要性。我们研究社会沟通,以及财务绩效和人口统计数据,如何影响动态网络演变。我们表明,不同类型的社会沟通,如帖子和评论,对链接的形成和解散有不同的影响。此外,我们发现财务绩效对链接形成和解散非常重要,而人口特征仅与链接形成相关。在社会交易中,追随者在解除联系从而立即终止关系方面的极大灵活性给领导者带来了很大的收入不确定性。因此,对网络演变及其决定因素的透彻理解对领导者至关重要。我们的研究结果可以为何时以及如何与追随者沟通提供指导。正如最近的GameStop热潮所证明的那样,社交媒体上的声音领袖可能会对金融市场产生重大影响,因此更好地了解投资网络的演变对监管机构也很重要。
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来源期刊
CiteScore
9.10
自引率
8.20%
发文量
120
期刊介绍: ISR (Information Systems Research) is a journal of INFORMS, the Institute for Operations Research and the Management Sciences. Information Systems Research is a leading international journal of theory, research, and intellectual development, focused on information systems in organizations, institutions, the economy, and society.
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