earticle

영어

This study investigates the causal relationship between stock trading volumes and the number of posts on online stock message boards. The study collected 100,000+ messages on 40 companies in KOSPI (Korea Composite Stock Price Index) from Naver and Paxnet, the most popular Korean online stock message boards. The data set is used to examine whether information on stock message boards influences market activities (e.g., trading volume) or vice versa. We first addressed the statistics for our data sets, and then proposed the Granger causality analysis model to capture the dynamic relationship between stock message boards and market activities. The results of this study will contribute to the IS and finance literature in that we show the causal relationship between stock trading volumes and the number of posts on stock message boards. The study further suggests that stock trading managers should carefully monitor information on stock message boards to understand stock market activities in advance.