Abstract
dc:description.abstractThis 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.
Degree
thesis:*- Department dc:contributor.department
- Business and Management: Accounting & Information Assurance
- Year dc:date.issued
- 2026
Author and committee
dc:creator, dc:contributor.*- Author dc:creator
-
- Chen, Yajie
- Advisor dc:contributor.advisor
-
- Cao, Sean
Rights
- Language dc:language.iso
- en
Identifiers
dc:identifier.*- Identifier
- https://doi.org/10.13016/c9pe-gen9
- OAI identifier oai:identifier
- oai:drum.lib.umd.edu:1903/35863