{"title":"Video-based social media and stock price crash risk: Evidence from YouTube","authors":"Woojune Jung, Hyejin Ahn","doi":"10.1016/j.econlet.2024.112099","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines whether video-based social media influences stock price crash risk. Using YouTube data regarding Korean listed companies’ stocks from 2014 to 2022, we find that the number of YouTube videos related with the stock is negatively associated with stock price crash risk, with this effect being more pronounced in the post-COVID-19 period. The results reveal that YouTube videos conduct informational and disciplinary role, and thus reduce excessive negative market reactions. Additionally, the negative relation between the number of YouTube videos and stock price crash risk is more pronounced for firms with high information asymmetry. Overall, this study provides evidence that YouTube functions as an important platform for providing and sharing information regarding the stock market.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"249 ","pages":"Article 112099"},"PeriodicalIF":1.8000,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0165176524005834","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2024/12/2 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This study examines whether video-based social media influences stock price crash risk. Using YouTube data regarding Korean listed companies’ stocks from 2014 to 2022, we find that the number of YouTube videos related with the stock is negatively associated with stock price crash risk, with this effect being more pronounced in the post-COVID-19 period. The results reveal that YouTube videos conduct informational and disciplinary role, and thus reduce excessive negative market reactions. Additionally, the negative relation between the number of YouTube videos and stock price crash risk is more pronounced for firms with high information asymmetry. Overall, this study provides evidence that YouTube functions as an important platform for providing and sharing information regarding the stock market.
期刊介绍：
Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.
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