Social contagion and asset prices: Reddit's self-organized bull runs
利用Reddit的WallStreetBets论坛文本数据，研究发现用户对资产未来表现的看法受同伴影响，且论坛活动通过散户需求、病毒式内容情绪和泡沫式股价上涨三种渠道影响资产价格，表明社交媒体可能破坏金融市场稳定。
In recent years, online discussion platforms have amplified the impact of social forces on financial markets. This paper uses text data from Reddit's WallStreetBets (WSB) forum to document that user sentiments about assets' future performances are motivated, in part, by peers. The paper then estimates the effect of WSB activity on asset prices in three ways. We document: higher retail trader demand following WSB discussions, the impact of idiosyncratic investor sentiment in viral content on future asset returns, and the significant activity of WSB users around bubble-like stock price run-ups. Our findings suggests that social media can destabilize financial markets.