Informed Investors and the Internet
研究发现，维基百科编辑频率越高（反映公众处理公司信息更活跃），对应的公司分析师预测误差和分歧越小，分析师推荐日买卖价差变化更显著，说明互联网信息处理与投资者知情程度相关。
Abstract: During the last decade the Internet has become an increasingly important source for gathering company related information. We employ Wikipedia editing frequency as an instrument that captures the degree in which the population is engaged with the processing of company‐related information. We find that firms whose information is processed by the population more frequently are associated with lower analysts' forecast errors, smaller analysts' forecast dispersions, and significant changes in bid‐ask spreads on analysts' recommendation days. These results indicate that information processing over the Internet is related to the degree to which investors and analysts are informed about companies.