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Impact of wikipedia on market information environment: Evidence on management disclosure and investor reaction
Abstract In this paper, we seek to determine whetheIn this paper, we seek to determine whether a typical social media platform, Wikipedia, improves the information environment for investors in the financial market. Our theoretical lens leads us to expect that information aggregation about public companies on Wikipedia may influence how management's voluntary information disclosure reacts to market uncertainty with respect to investors' information about these companies. Our empirical analysis is based on a unique data set collected from financial records, management disclosure records, news article coverage, and a Wikipedia modification history of public companies. On the supply side of information, we find that information aggregation on Wikipedia can moderate the timing of managers' voluntary disclosure of companies' earnings disappointments, or bad news. On the demand side of information, we find that Wikipedia's information aggregation moderates investors' negative reaction to bad news. Taken together, these findings support the view that Wikipedia improves the information environment in the financial market and underscore the value of information aggregation through the use of information technology.through the use of information technology.
Abstractsub In this paper, we seek to determine whetheIn this paper, we seek to determine whether a typical social media platform, Wikipedia, improves the information environment for investors in the financial market. Our theoretical lens leads us to expect that information aggregation about public companies on Wikipedia may influence how management's voluntary information disclosure reacts to market uncertainty with respect to investors' information about these companies. Our empirical analysis is based on a unique data set collected from financial records, management disclosure records, news article coverage, and a Wikipedia modification history of public companies. On the supply side of information, we find that information aggregation on Wikipedia can moderate the timing of managers' voluntary disclosure of companies' earnings disappointments, or bad news. On the demand side of information, we find that Wikipedia's information aggregation moderates investors' negative reaction to bad news. Taken together, these findings support the view that Wikipedia improves the information environment in the financial market and underscore the value of information aggregation through the use of information technology.through the use of information technology.
Bibtextype article  +
Has author Xu S.X. + , Zhang X.M. +
Has extra keyword Financial market + , Information aggregation + , Information environment + , Social media + , Wikipedia + , Commerce + , Industry + , Information management + , Information technology + , Investments + , Websites + , Environmental management +
Has keyword Financial market + , Information aggregation + , Information environment + , Management disclosure + , Social media + , Wikipedia +
Issn 2767783  +
Issue 4  +
Language English +
Number of citations by publication 0  +
Number of references by publication 0  +
Pages 1043–1068  +
Published in MIS Quarterly: Management Information Systems +
Title Impact of wikipedia on market information environment: Evidence on management disclosure and investor reaction +
Type journal article  +
Volume 37  +
Year 2013 +
Creation dateThis property is a special property in this wiki. 6 November 2014 19:08:47  +
Categories Publications without license parameter  + , Publications without DOI parameter  + , Publications without remote mirror parameter  + , Publications without archive mirror parameter  + , Publications without paywall mirror parameter  + , Journal articles  + , Publications without references parameter  + , Publications  +
Modification dateThis property is a special property in this wiki. 6 November 2014 19:08:47  +
DateThis property is a special property in this wiki. 2013  +
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