Why Don't We Agree? Evidence from a Social Network of Investors
利用社交投资平台上的投资者情绪数据，研究投资者意见分歧的来源，发现信息差异和解读差异各占一半，但信息差异对交易量的影响更大。
ABSTRACT We study sources of investor disagreement using sentiment of investors from a social media investing platform, combined with information on the users' investment approaches (e.g., technical, fundamental). We examine how much of overall disagreement is driven by different information sets versus differential interpretation of information by studying disagreement within and across investment approaches. Overall disagreement is evenly split between both sources of disagreement, but within‐group disagreement is more tightly related to trading volume than cross‐group disagreement. Although both sources of disagreement are important, our findings suggest that information differences are more important for trading than differences across market approaches.