Tweeting for money: Social media and mutual fund flows
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- dc.contributor.author Gil-Bazo, Javier
- dc.contributor.author Imbet, Juan F.
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:49Z
- dc.date.available 2024-11-14T10:09:49Z
- dc.date.issued 2022-10-01
- dc.date.modified 2024-11-14T10:08:44Z
- dc.description.abstract We investigate whether asset management firms use social media to persuade investors. Combining a database of almost 1.6 million Twitter posts by U.S. mutual fund families with textual analysis, we find that flows of money to mutual funds respond positively to tweets with a positive tone. Consistently with the persuasion hypothesis, positive tweets work best when they convey advice or views on the market and when investor sentiment is higher. Using a high-frequency approach, we are able to identify a short-lived impact of families' tweets on ETF share prices. Finally, we reject the alternative hypothesis that asset management companies use social media to alleviate information asymmetries by either lowering search costs or disclosing privately observed information.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1846
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68613
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1846
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword social media
- dc.subject.keyword twitter
- dc.subject.keyword persuasion
- dc.subject.keyword mutual funds
- dc.subject.keyword mutual fund
- dc.subject.keyword flows
- dc.subject.keyword machine learning
- dc.subject.keyword textual analysis
- dc.subject.keyword Finance and Accounting
- dc.title Tweeting for money: Social media and mutual fund flows
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper