Negative News and Investor Trust: The Role of $Firm and #CEO Twitter Use
通过实验发现，CEO在个人推特上发布负面盈利意外消息能增强投资者信任和投资意愿，且重复负面消息对通过CEO推特接收信息的投资者影响较小。
ABSTRACT We examine how CEOs can facilitate the development of investor trust that helps mitigate the effects of negative information. Results from an experiment show that investors trust the CEO more and are more willing to invest in the firm when the CEO communicates firm news followed by a negative earnings surprise through a personal Twitter account than when the news and surprise comes from the CEO via a website or from the firm's Investor Relations Twitter account or website. A follow‐up experiment shows that repeating the negative news does not incrementally affect investors who received the news from the CEO's Twitter account, but does further negatively impact investors who received the news via other disclosure mediums, especially those who received the news via the Investor Relations Twitter account. Our results have implications for firms and executives considering the costs and benefits of communicating with investors via Twitter.