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【题目】 News
Diffusion in Social Networks and Stock Market Reactions （ The Review of Financial Studies ， 2024 ） 【作者】Davi d Hirshleifer，Lin Peng，Qiguang Wang 【摘要】 We
study how the social transmission of public news influences investors ’ beliefs and the securities markets. Using data on social networks,
we find that earnings announcements from firms in higher-centrality counties
generate a stronger immediate price, volatility, and trading volume reactions.
Post-announcement, such firms experience weaker price drift and faster
volatility decay but higher and more persistent volume. These findings suggest greater
social connectedness facilitates the timely incorporation of news into prices,
as well as opinion divergence and excessive trading. We propose the social
churning hypothesis, which is confirmed using granular data from StockTwits
messages and household trading records. 【汇报人】郑建东（西北大学经济管理学院讲师） 【时间
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