{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,24]],"date-time":"2025-11-24T12:49:12Z","timestamp":1763988552422,"version":"build-2065373602"},"reference-count":18,"publisher":"MDPI AG","issue":"9","license":[{"start":{"date-parts":[[2024,9,2]],"date-time":"2024-09-02T00:00:00Z","timestamp":1725235200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100012456","name":"National Social Science Fund of China","doi-asserted-by":"publisher","award":["No. 20AZD059"],"award-info":[{"award-number":["No. 20AZD059"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Word-of-mouth (WOM) can be considered one form of public opinion, reflecting consumers\u2019 views towards product or service quality. With the development of social media, WOM holds influence over investors and subsequently impacts the stock prices of companies. The purpose of this study is to uncover the dynamics encompassing the factors that influence WOM, its propagation mechanisms, and the consequential impact on reality illustrated through fluctuations in stock prices. The mathematical model to describe the whole process can be separated into two components: information propagation model and stock price fluctuation model. The cumulative abnormal return (CAR) is used to demonstrate fluctuations in stock prices. Utilizing a Lyapunov function, it is proven that the equilibrium point of the model is globally asymptotically stable. As for the real world, it suggests that WOM will eventually prevail online, leading to fluctuations in stock prices. Based on the event study method, the empirical examination of 43 real events shows that our model can effectively predict the CAR and reflect the influence on stock prices caused by WOM in real-world scenarios.<\/jats:p>","DOI":"10.3390\/systems12090344","type":"journal-article","created":{"date-parts":[[2024,9,2]],"date-time":"2024-09-02T07:59:40Z","timestamp":1725263980000},"page":"344","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Research on the Dynamics of Word-of-Mouth Influencing Stock Prices"],"prefix":"10.3390","volume":"12","author":[{"given":"Wanglai","family":"Li","sequence":"first","affiliation":[{"name":"Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Huizhang","family":"Shen","sequence":"additional","affiliation":[{"name":"Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Zhangxue","family":"Huang","sequence":"additional","affiliation":[{"name":"Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hanzhe","family":"Yang","sequence":"additional","affiliation":[{"name":"Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7855-1070","authenticated-orcid":false,"given":"Jidi","family":"Zhao","sequence":"additional","affiliation":[{"name":"Faculty of Economics and Management, East China Normal University, Shanghai 200062, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2024,9,2]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"101726","DOI":"10.1016\/j.jretconser.2018.12.010","article-title":"Up the ante: Electronic word of mouth and its effects on firm reputation and performance","volume":"53","author":"Nisar","year":"2020","journal-title":"J. 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