題目：Corporate social media: How two-way disclosure channels influence investors

摘要：I examine how firm-investor communications on social media affect investors' perceptions of the firm. I focus on a case in which a Twitter user criticizes a discretionary accrual adjustment and management chooses whether and how to respond. I collect data using multiple experiments in which I vary the perceived validity of a criticism via the number of retweets it receives and/or the firm's response. Results suggest that the influence the criticism has on nonprofessional investors' perceptions depends on the number of times it has been retweeted. Results also suggest that following a criticism perceived to be valid, there are benefits of addressing the criticism directly or of redirecting attention to a positive highlight from the firm disclosure (relative to not responding). The findings advance our understanding of how a firm can effectively manage investors' perceptions by participating in, rather than abstaining from, conversations about the firm on social media.

• In this paper, I investigate how firm-investor communications on social media affect investors' evaluations of the firm as an investment and the firm's reputation.

• What makes social media unique? First, social media websites and applications such as Facebook, LinkedIn, Twitter, and YouTube make it possible for anyone with access to the Internet to publicly broadcast her opinions of a firm's operations, predictions of future stock price changes, or decisions to trade.Second, social media promote public two-way communication—both among individuals and between individuals and firms.

• Recent archival research investigating the association between corporate Twitter activity and capital market activity suggests that firms' Twitter use can impact stock prices, returns, liquidity, and information asymmetry