The Effect on Opinions in Facebook Stock Group: Influence on Abnormal Returns

• Main Authors: YANG, CHIA-JU, 楊佳茹
• Other Authors: HUANG, CHENG-KUEI
• Format: Others
• Language: en_US
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/y233t6

碩士 === 國立中正大學 === 企業管理系研究所 === 107 === The numerous contents of data are created every second on social media (platform), where the contents will effect on the thousands of users’ behavior. However, Facebook is one of the most popular social media (platform) in the world, where the users gather for different topics to express their opinions. Those opinions play a crucial role for users in determining the stock trend and stock price. Due to the short-term profit that is certainly attracting the interest of retail investors. Therefore, we also expect the contents in the Facebook stock group would bring purchasing behaviors from group members, which influence them thus making the stock price deviate reasonable and generating abnormal return. Moreover, the well-known traditional examination approach used in accounting, financial, and management fields to comprehend the short-term profit is an event study methodology, which can assess the impact of the contents of opinions. In the previous studies, the researched have done it in this scope with social media (platform), which is demonstrated on examining Twitter Posts to predict the stock market behavior by event study with sentiment analysis. In our investigation we examine the impact on social media (platform) content to market value, we also adopt the Taiwanese social media environment into implementation. From 175 event samples, we discover the result is positively significant on Facebook contents to abnormal return from day -5 to day 0; the generating abnormal return mostly occurs with the positive and neutral contents; also only partial content features are meaningful to abnormal return. The findings are evidence with event study and regression analysis, which will be beneficial to research and practice in the future.