Stock message board recommendations and share trading activity

Thapa, K

Stock message board recommendations and share trading activity

Thapa, K

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Publication Type:: Thesis
Issue Date:: 2013

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Field	Value	Language
dc.contributor.author	Thapa, K
dc.date.accessioned	2013-07-04T06:39:34Z
dc.date.available	2013-07-04T06:39:34Z
dc.date.issued	2013
dc.identifier.uri	http://hdl.handle.net/10453/23397
dc.description	University of Technology, Sydney. Faculty of Business.	en_US
dc.description.abstract	The efficiency of capital markets is largely attributable to an effective information network that exists among market participants that include fund managers, analysts, and investors. The role of many market participants is to improve the flow of information to assist the market in becoming aware of, and understanding, information. In this work, we look at the role of message boards in improving market efficiency. We examine the impact of message boards on stock returns, volatility, trading volume and liquidity. The overall findings of our study are that message boards serve no useful purpose for stock returns and liquidity. However, message boards do seem to add risk to share trading by increasing the turnover and share price volatility. We also observe that message board participants are likely to follow the stock market activity. Our results make one think that participation in message boards serves more for social purposes such as interaction with like-minded investors, general amusement etc than anything else.	en_US
dc.format	Thesis (PhD)	en_US
dc.language.iso	en	en_US
dc.relation	https://opus.lib.uts.edu.au/bitstream/10453/23397/6/02whole.pdf
dc.rights	The author owns the copyright in this thesis including all reproduction and reuse rights for the work. The work may not be altered without the permission of the copyright owner. Attribution is essential when quoting or paraphrasing from this thesis.
dc.rights	au.edu.uts.lib/ppc
dc.rights	info:eu-repo/semantics/openAccess
dc.subject	Stock message boards.	en
dc.subject	Online discussion forum.	en
dc.subject	Share trading.	en
dc.subject	Market efficiency.
dc.title	Stock message board recommendations and share trading activity	en_US
dc.type	Thesis
utslib.copyright.status	open_access

Abstract:

The efficiency of capital markets is largely attributable to an effective information network that exists among market participants that include fund managers, analysts, and investors. The role of many market participants is to improve the flow of information to assist the market in becoming aware of, and understanding, information. In this work, we look at the role of message boards in improving market efficiency. We examine the impact of message boards on stock returns, volatility, trading volume and liquidity. The overall findings of our study are that message boards serve no useful purpose for stock returns and liquidity. However, message boards do seem to add risk to share trading by increasing the turnover and share price volatility. We also observe that message board participants are likely to follow the stock market activity. Our results make one think that participation in message boards serves more for social purposes such as interaction with like-minded investors, general amusement etc than anything else.

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http://hdl.handle.net/10453/23397