Facebook posting activity and the selective amplification of earnings disclosures

• 作者: Rajib Hasan William M.Cready
• 来源期刊: 中国会计学刊:英文版
• 学科: 经济
• 关键词: SOCIAL media DISCLOSURES EARNINGS ANNOUNCEMENTS
• 年，卷（期）: 2019,（2）
• 页码范围: 135-155
• 页数: 21页
• 分类号: F49

摘要

This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following,individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, firms use Facebook posts to amplify earnings news. Such activity is selective, however;it is lower for firms with high levels of information asymmetry, for firms reporting earnings that exactly meet the consensus analyst forecast amount, and when the earnings news is negative but the accompanying price movement is positive. Hence, firms appear to use Facebook to manage the level of attention paid to earnings news.