{"id":{"repo_id":"maryland","oai_identifier":"oai:drum.lib.umd.edu:1903/35863"},"canonical_url":"https://search.dev.ndltd.org/etd/maryland/oai:drum.lib.umd.edu:1903/35863","repository":{"repo_id":"maryland","name":"University of Maryland","base_url":"https://api.drum.lib.umd.edu/server/oai/request"},"display":{"title":"Machine Tweeting","abstract":"This study investigates the growing phenomenon of social bot engagement with corporate disclosures. Using hand-collected data on user interactions with corporate earnings announcement (EA) tweets, I find that bot dissemination generates positive short-term returns around EA tweets, which subsequently reverse. Additional evidence suggests that the reversal likely arises because bots amplify overreaction to firms’ optimistic framing. Cross-sectional analyses show that the effect is stronger for firms with greater retail investor presence and for those with lower information transparency. Transaction-level trade evidence further indicates that retail investors are the primary drivers of the initial overreaction. A horse-race analysis against human dissemination shows that reversals occur only under bot engagement, as human interactions do not exhibit similar patterns but instead counterbalance firms’ optimistic framing.","abstract_html":"This study investigates the growing phenomenon of social bot engagement with corporate disclosures. Using hand-collected data on user interactions with corporate earnings announcement (EA) tweets, I find that bot dissemination generates positive short-term returns around EA tweets, which subsequently reverse. Additional evidence suggests that the reversal likely arises because bots amplify overreaction to firms’ optimistic framing. Cross-sectional analyses show that the effect is stronger for firms with greater retail investor presence and for those with lower information transparency. Transaction-level trade evidence further indicates that retail investors are the primary drivers of the initial overreaction. A horse-race analysis against human dissemination shows that reversals occur only under bot engagement, as human interactions do not exhibit similar patterns but instead counterbalance firms’ optimistic framing.","abstract_has_math":false,"creators":["Chen, Yajie"],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":"Business and Management: Accounting & Information Assurance","school":null,"contributors":[],"advisors":["Cao, Sean"],"committee_chairs":[],"committee_members":[],"year":2026,"date_issued":"2026","date_published":"2026","updated_at":"2026-07-24T03:02:06Z","subjects":[],"languages":["en"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["https://doi.org/10.13016/c9pe-gen9"],"render_values":[{"text":"https://doi.org/10.13016/c9pe-gen9","href":"https://doi.org/10.13016/c9pe-gen9","code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/1903/35863","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Cao, Sean"]},{"key":"dc:contributor.department","label":"Department","values":["Business and Management: Accounting & Information Assurance"]},{"key":"dc:creator","label":"Author","values":["Chen, Yajie"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2026-07-02T05:41:29Z"]},{"key":"dc:date.issued","label":"Date","values":["2026"]},{"key":"dc:type","label":"Dc Type","values":["Dissertation"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["en"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://doi.org/10.13016/c9pe-gen9"]},{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/1903/35863"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["This study investigates the growing phenomenon of social bot engagement with corporate disclosures. Using hand-collected data on user interactions with corporate earnings announcement (EA) tweets, I find that bot dissemination generates positive short-term returns around EA tweets, which subsequently reverse. Additional evidence suggests that the reversal likely arises because bots amplify overreaction to firms’ optimistic framing. Cross-sectional analyses show that the effect is stronger for firms with greater retail investor presence and for those with lower information transparency. Transaction-level trade evidence further indicates that retail investors are the primary drivers of the initial overreaction. A horse-race analysis against human dissemination shows that reversals occur only under bot engagement, as human interactions do not exhibit similar patterns but instead counterbalance firms’ optimistic framing."]},{"key":"dc:title","label":"Title","values":["Machine Tweeting"]}]}],"canonical_facts":{"dc:contributor.advisor":["Cao, Sean"],"dc:contributor.department":["Business and Management: Accounting & Information Assurance"],"dc:creator":["Chen, Yajie"],"dc:date.accessioned":["2026-07-02T05:41:29Z"],"dc:date.issued":["2026"],"dc:description.abstract":["This study investigates the growing phenomenon of social bot engagement with corporate disclosures. Using hand-collected data on user interactions with corporate earnings announcement (EA) tweets, I find that bot dissemination generates positive short-term returns around EA tweets, which subsequently reverse. Additional evidence suggests that the reversal likely arises because bots amplify overreaction to firms’ optimistic framing. Cross-sectional analyses show that the effect is stronger for firms with greater retail investor presence and for those with lower information transparency. Transaction-level trade evidence further indicates that retail investors are the primary drivers of the initial overreaction. A horse-race analysis against human dissemination shows that reversals occur only under bot engagement, as human interactions do not exhibit similar patterns but instead counterbalance firms’ optimistic framing."],"dc:identifier":["https://doi.org/10.13016/c9pe-gen9"],"dc:identifier.uri":["http://hdl.handle.net/1903/35863"],"dc:language.iso":["en"],"dc:title":["Machine Tweeting"],"dc:type":["Dissertation"]},"updated_at":"2026-07-24T03:02:06Z"}