The Value of Social Media for Predicting Stock Returns: Preconditions, Instruments and Performance Analysis
暫譯: 社交媒體在預測股票回報中的價值：前提條件、工具與績效分析

Michael Nofer examines whether and to what extent Social Media can be used to predict stock returns. Market-relevant information is available on various platforms on the Internet, which largely consist of user generated content. For instance, emotions can be extracted in order to identify the investors' risk appetite and in turn the willingness to invest in stocks. Discussion forums also provide an opportunity to identify opinions on certain companies. Taking Social Media platforms as examples, the author examines the forecasting quality of user generated content on the Internet.