Investor Qualification Recognition And Social Media Information Contents

Social media provides a platform for investors to share and communicate their investment opinions,and changes the traditional up-bottom way how information is produced and disseminated,giving everyone a chance to produce and share knowledge.With the enormous text on professional financial social media,researchers are able to study the investors' behavior and psychology,text content,and so on.Yet the researches about information content of internet message board still hold different opinions.From the perspective of investors' characteristic,I put forward two kinds of characteristics,“peer approval” and “official certification”,then tested the information content of text on Xue Qiu and discussed possible factors which would influence information content.Using over one hundred sixty thousand posted message on Xue Qiu during January 2018 to May 2020,I constructed an model to extract text sentiment and tested the moderating effect of investors' characteristic with fixed effects model.I found that the sentiment of messages on Xue Qiu was way too positive.In the short term,the stock market would absorb the optimistic attitude and the stock price would rise.While in the long run,the market would chill down and fall back to its real value.In spite of that fact,the peer approval and real-name authentication could significantly relief the over-optimistic mood in messages on Xue Qiu.On the contrary,the institutional certification would encourage these over-optimistic emotions.This article distinguishes itself with its choose of study sample,construction of sentiment extract model and discussion of influencing factors of information content from the aspect of investor characteristic.