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Internet stock message boards and the price–volume relationship: Registered users vs non-registered users

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  • Zhang, Zuochao
  • Shen, Dehua

Abstract

With the newly available data distinguishing between registered users and non-registered users, we empirically reveal that there exists a significantly negative relationship between the number of Internet stock message boards postings from non-registered users and return volatility. Considering the theory that investors overreact to stale information, this finding suggests that postings from non-registered users generate temporary mispricing.

Suggested Citation

  • Zhang, Zuochao & Shen, Dehua, 2024. "Internet stock message boards and the price–volume relationship: Registered users vs non-registered users," Finance Research Letters, Elsevier, vol. 61(C).
    • Handle: RePEc:eee:finlet:v:61:y:2024:i:c:s1544612324000941
    DOI: 10.1016/j.frl.2024.105064
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    References listed on IDEAS

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