{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,8,2]],"date-time":"2025-08-02T17:27:52Z","timestamp":1754155672937,"version":"3.41.2"},"reference-count":60,"publisher":"Emerald","issue":"5","license":[{"start":{"date-parts":[[2023,8,1]],"date-time":"2023-08-01T00:00:00Z","timestamp":1690848000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["ITP"],"published-print":{"date-parts":[[2024,7,5]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>In prior literature, online endorsement system allowing the users to \u201clike\u201d or \u201cdislike\u201d shared information is found very useful in information filtering and trust elicitation in most social networks. This paper shows that such systems could fail in the context of investment communities due to several psychological biases.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>This study develops a series of regression analyses to model the \u201clike\u201d\/\u201cdislike\u201d voting process and whether or not such endorsement distinguishes between valuable information and noise. Trading simulations are also used to validate the practical implications of the findings.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The main findings of this research are twofold: (1) in the context of investment communities, online endorsement system fails to signify value-relevant information and (2) bullish information and \u201cwisdom over the past event\u201d information receive more \u201clikes\u201d and fewer \u201cdislikes\u201d on average, but they underperform in stock market price discovery.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This study demonstrates that biased endorsement may lead to the failure of the online endorsement system as information gatekeeper in investment communities. Two underlying mechanisms are proposed and tested. This study opens up new research opportunities to investigate the causes of biased endorsement in online environment and motivates the development of alternative information filtering systems.<\/jats:p><\/jats:sec>","DOI":"10.1108\/itp-12-2021-0993","type":"journal-article","created":{"date-parts":[[2023,7,29]],"date-time":"2023-07-29T06:47:55Z","timestamp":1690613275000},"page":"2127-2152","source":"Crossref","is-referenced-by-count":0,"title":["The failure of online endorsement systems in investment communities: evidence from Yahoo! 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