论文标题
投资者的情绪和收入公告
Investor Emotions and Earnings Announcements
论文作者
论文摘要
在十年的社交媒体数据中，我探讨了投资者情绪对收益公告的影响。特别是，我在公司的收益公告预测其收益和公告收益之前，在社交媒体上发布了特定于公司的信息的情感内容。我发现投资者通常对最终超出预期的公司感到兴奋，但他们的热情导致公告退货较低。具体而言，兴奋的标准偏差增加与7.8个基点较低的公告回报有关，该收益率降低了约5.8％的年度损失。我的发现证实，情绪和市场动态密切相关，并强调了在评估公司短期价值时考虑投资者情绪的重要性。
Armed with a decade of social media data, I explore the impact of investor emotions on earnings announcements. In particular, I test whether the emotional content of firm-specific messages posted on social media just prior to a firm's earnings announcement predicts its earnings and announcement returns. I find that investors are typically excited about firms that end up exceeding expectations, yet their enthusiasm results in lower announcement returns. Specifically, a standard deviation increase in excitement is associated with an 7.8 basis points lower announcement return, which translates into an approximately -5.8% annualized loss. My findings confirm that emotions and market dynamics are closely related and highlight the importance of considering investor emotions when assessing a firm's short-term value.
