{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,11]],"date-time":"2026-06-11T21:34:58Z","timestamp":1781213698421,"version":"3.54.1"},"reference-count":56,"publisher":"American Accounting Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2021,6,1]]},"abstract":"<jats:title>ABSTRACT<\/jats:title>\n               <jats:p>Prior studies have demonstrated that company-generated tweets as a device for the dissemination of corporate announcements help reduce information asymmetry. This paper demonstrates that user-generated tweets around corporate announcements have information content in addition to the information content of the announcement itself. Using a sample of S&amp;P 1500 firms, we test the effects of abnormal levels of user-generated tweets and abnormal sentiment in the tweets over the three days surrounding 8-K filings of unanticipated events on market returns and liquidity of stocks. Results show that abnormal levels of user-generated tweets are positively associated with both the absolute cumulative abnormal returns and cumulative abnormal trading volume. We also find an indication of a cautionary stance by the market when sentiment is negative around the announcements. Our results have economic significance from both the stock valuation and the stock liquidity perspectives.<\/jats:p>\n               <jats:p>JEL Classifications:\u2002M41.<\/jats:p>","DOI":"10.2308\/isys-2020-034","type":"journal-article","created":{"date-parts":[[2021,4,1]],"date-time":"2021-04-01T20:21:32Z","timestamp":1617308492000},"page":"195-217","source":"Crossref","is-referenced-by-count":11,"title":["Is User-Generated Twittersphere Activity Associated with Stock Market Reactions to 8-K Filings?"],"prefix":"10.2308","volume":"35","author":[{"given":"Roger S.","family":"Debreceny","sequence":"first","affiliation":[{"name":"University of Hawaii at Manoa"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3245-4512","authenticated-orcid":true,"given":"Asheq","family":"Rahman","sequence":"additional","affiliation":[{"name":"Auckland University of Technology"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Tawei","family":"Wang","sequence":"additional","affiliation":[{"name":"DePaul University"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1112","published-online":{"date-parts":[[2021,4,1]]},"reference":[{"key":"2024082915273407400_i1558-7959-35-2-195-Baker1","doi-asserted-by":"crossref","unstructured":"Baker,\n              M.,\n             and\n                        SteinJ.\n          2004.\n                    Market liquidity as a sentiment indicator.\n                    Journal of Financial Markets7 (\n                    3):\n                    271\u2013\n                    299.\n                    https:\/\/doi.org\/10.1016\/j.finmar.2003.11.005","DOI":"10.1016\/j.finmar.2003.11.005"},{"key":"2024082915273407400_i1558-7959-35-2-195-Baker2","doi-asserted-by":"crossref","unstructured":"Baker,\n              M.,\n             and\n                        WurglerJ.\n          2006.\n                    Investor sentiment and the cross-section of stock returns.\n                    The Journal of Finance61 (\n                    4):\n                    1645\u2013\n                    1680.\n                    https:\/\/doi.org\/10.1111\/j.1540-6261.2006.00885.x","DOI":"10.1111\/j.1540-6261.2006.00885.x"},{"key":"2024082915273407400_i1558-7959-35-2-195-Bamber1","unstructured":"Bamber,\n              L. 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