دانلود مقاله ISI انگلیسی شماره 50306
عنوان فارسی مقاله

کژ گزینی و شهرت در دنیای بحث های سطحی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
50306 2010 11 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Adverse selection and reputation in a world of cheap talk
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : The Quarterly Review of Economics and Finance, Volume 50, Issue 4, November 2010, Pages 548–558

کلمات کلیدی
پیام اینترنت - احساسات - پاداش نقدی
پیش نمایش مقاله
پیش نمایش مقاله کژ گزینی و شهرت در دنیای بحث های سطحی

چکیده انگلیسی

Internet message boards are inherently a world of cheap talk due to the anonymity of message authors. This paper investigates whether a pecuniary reputation system influences the adverse selection problem endemic to message boards. First, we find evidence that authors with high reputation scores are less likely to voluntarily offer a buy–hold–sell sentiment in a particular message. Second, we find that authors with no reputation at stake tend to be more bearish with their sentiment but, after controlling for selection, authors with more reputation at stake tend to be bullish in their sentiment. Third, we find that high-reputation authors tend to offer more accurate sentiments on the day their message was posted, which suggests day-trading behavior by authors, but that higher-reputation authors are no more accurate than others after the day of posting. Our results suggest that reputation, coupled with a small pecuniary reward system, can materially influence the adverse selection problem in a world of cheap talk.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.