The Content of Tweets and the Usefulness of YouTube and Instagram in Corporate Communication
研究了公司关于盈利公告的推文内容，以及YouTube和Instagram在传播盈利新闻中的增量作用。发现投资者对包含财务信息、提及CEO或CFO、有视觉元素且语气温和的推文反应更强，而YouTube和Instagram没有显著的增量效果。
This study examines the content of corporate tweets related to earnings announcements and the incremental usefulness of YouTube and Instagram in disseminating earnings news. Textual analysis of tweets reveals that investors react more strongly to a firm’s communication on Twitter when it (i) includes financial information, (ii) mentions the CEO or the CFO, (iii) includes a visual element, and (iv) posts are written in a moderate tone. Tweets related to earnings announcements are particularly useful when retail ownership is high. Incrementally to Twitter, YouTube videos and Instagram posts do not have, on average, positive incremental effects on the price response to earnings news.