ABSTRACT Less-informed investors face greater costs of processing earnings news into actionable information. Our findings suggest financial analysis on social media reduces less-informed investors’ disclosure processing costs. We document an attenuated spike in earnings announcement (EA) information asymmetry for quarters containing more financial analysis on social media in the weeks prior to the EA. Cross-sectional evidence suggests this finding is stronger when coverage from traditional intermediaries is lower, for financial analyses written by more credible authors, and for financial analyses that are more likely relevant to evaluating the EA. Further evidence suggests retail trades, but not institutional trades, at EAs are significantly more profitable in quarters with greater financial analysis on social media, consistent with financial analysis on social media benefitting traders who are otherwise less-informed. Overall, our evidence suggests that financial analysis on social media plays an important role in aiding less-informed investors by helping them better process EA news. JEL Classifications: G14; M41.

中文翻译：

---

社交媒体财务分析和披露处理成本：来自 Seeking Alpha 的证据


摘要消息灵通的投资者在将盈利新闻转化为可操作信息方面面临着更大的成本。我们的研究结果表明，社交媒体上的财务分析可以降低消息灵通的投资者的披露处理成本。我们记录了盈利公告 (EA) 发布前几周在社交媒体上包含更多财务分析的季度的信息不对称峰值有所减弱。横截面证据表明，当传统中介机构的覆盖范围较低、由更可信的作者撰写的财务分析以及更可能与评估 EA 相关的财务分析时，这一发现更为有力。进一步的证据表明，在社交媒体上进行更多财务分析的季度，EA 的零售交易（而非机构交易）的利润显着提高，这与社交媒体上的财务分析有利于那些消息灵通的交易者相一致。总体而言，我们的证据表明，社交媒体上的财务分析通过帮助信息较少的投资者更好地处理 EA 新闻，在帮助他们方面发挥着重要作用。 JEL 分类：G14； M41。