Place Your Bets? The Value of Investment Research on Reddit’s Wallstreetbets
研究了Reddit的Wallstreetbets平台上的尽职调查推荐价值，发现GameStop事件前推荐能预测回报和现金流消息，但事件后预测力消失，且报告质量下降，损害了小投资者。
Abstract We examine the value of due diligence recommendations on Reddit’s Wallstreetbets (WSB) platform. Before the Gamestop (GME) short squeeze, recommendations are significant predictors of returns and cash-flow news. This predictability is eliminated post-GME. Post-GME, the fraction of reports emphasizing price-pressure or attention-grabbing stocks dramatically increases, and the decline in informativeness is concentrated in these reports. Similarly, retail trade informativeness is particularly strong following DD reports in the pre-GME period, but not post-GME. Our findings are consistent with the view that the Gamestop event altered the culture of WSB, leading to a deterioration in investment quality that adversely affected smaller investors.