The impact of social media influencers on the financial market performance of firms

Kevin Keasey, Costas Lambrinoudakis, Danilo V. Mascia, Zhengfa Zhang
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Abstract

Despite the huge growth in the number of influencers and their use by firms, there is a lack of analysis of how social media influencers affect the financial market performance of firms. Anecdotal evidence suggests mega influencers can impact the stock prices of firms via social media. We ask whether such an effect is generalizable to all mega influencers and other financial market characteristics of firms. Using a hand‐collected data set of 16,156,419 mega influencer posts on Instagram, we find that mega influencers affect investors' attention, volatility and trading volume but not stock returns. It takes top influencers with extreme sentiment posts to affect returns and, even here, the effect is short‐lived.
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社交媒体影响力对企业金融市场表现的影响
尽管有影响力者的数量和企业对他们的使用大幅增长,但对社交媒体有影响力者如何影响企业的金融市场表现却缺乏分析。轶事证据表明,巨型影响者可以通过社交媒体影响公司的股票价格。我们要问的是,这种影响是否可以推广到所有巨型影响者以及企业的其他金融市场特征。我们使用手工收集的 Instagram 上 16,156,419 个超大影响力者帖子的数据集,发现超大影响力者会影响投资者的关注度、波动性和交易量,但不会影响股票回报。顶级影响者发布的极端情绪帖子才会影响回报率,即使在这种情况下,影响也是短暂的。
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