Predict Aggregate of Earnings and Announcement Returns with the Help of Twitter Using "Wisdom of Crowds" Theory and "Macro Accounting" Theory : Evidence from NYSE and Nasdaq

Iranian Journal of Accounting, Auditing and Finance

مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 23 تیر 1401   

نوع مقاله: Original Article

شناسه دیجیتال (DOI): 10.22067/ijaaf.2022.77108.1172

نویسنده

Vahid Bekhradi Nasab^*

Department of Accounting, Najafabad Branch, Islamic Azad University, Najafabad, Iran

چکیده

The purpose of this study is to examine the Predict Aggregate of Earnings and Announcement Returns with the Help of Twitter Using "Wisdom of Crowds" Theory and "Macro Accounting" Theory: Evidence from NYSE and Nasdaq. For this purpose, according to the selection of Twitter social media as a media approved by the US Stock Exchange and Securities Organization (Listed on the New York Stock Exchange and the Nasdaq Stock Exchange), data related to 345 companies selected from the list of top 500 companies in the United States, for the four-year period 2016-2019, extracted and used Was analyzed from Stata software. The results showed that there is the volume of earning news published by companies on Twitter has the ability to predict earnings surprises and The content of earning news published by companies on Twitter has the ability to predict earnings surprises. The results also showed that there is a The volume of earning news published by companies on Twitter has the ability to predict announcement returns and The content of earning news published by companies on Twitter has the ability to predict announcement returns. The results can also be considered as a strategy in the field of content analysis of market quality news, based on a list of specialized words in the field of finance.

کلیدواژه‌ها

Twitter؛ Aggregate of Earnings؛ Aggregate of Announcement Returns؛ Wisdom of Crowds؛ Macro Accounting