The power of prediction with Google searches and social media posts: Retail investor interest and IPO pricing
研究了散户投资者的在线活动（谷歌搜索、社交媒体发帖及情绪）与美国901只IPO定价的关系，发现搜索量、发帖量和情绪均正向影响价格修正，其中情绪影响最大。
This paper investigates the association between retail investors’ online activity and the pricing of initial public offerings (IPOs). We utilize data from Google Trends and StockTwits to analyze price revision for 901 U.S. IPOs, and find that the online search count, social media post count, and post sentiment are positively associated with IPO pricing. One-standard-deviation increases in these variables correspond to price revision increases of 9.02%, 50.73%, and 70.22%, respectively. Additionally, online search plays a more significant role in influencing IPO price revision when social media discussions about a specific IPO exhibit higher sentiment inequality among participants.