, Figure 2.3: Carl Icahn tweet-Impact on Netflix stock price and trading volume Notes: The figure illustrates the large decrease in Netflix stock price and large increase in trading volume following Carl Icahn tweet announcing that he sold his stake in Netflix on, 2015.

, Market reaction to news and investor attention in real time Table 2.2: A sample of Twitter messages published on, 2013.

, Date Twitter Content

F. Cooperman, Sold down $AAPL position-didn t like the way it was acting: doesn t like cash policy. Prefers Qualcomm. @cnbcfastmoney, vol.23, p.13

, sold $AAPL $VMW amp $NFLX this am 4 a trade RT @Pete_Romano: Najarian just cant admit he was wrong to go all cash, MarketCurrents Johnson amp Johnson JNJ declares $0.61/share quarterly dividend in line with previous. Forward yield

. Benzinga-smartphone-preference, 38% of Gamers Choose Google s Android Over Apple s iOS

, Acacia Research In Settlement With Apple In Patent Case: The patent licensing firm Acacia Research this morning

, Chris_Ciaccia How many of you will care less about the iPhone 6 than you do Ray Lewis, vol.56, p.21

C. U. Judge, granted Amazon s bid to end part of Apple lawsuit over Amazon s use of the term APP STORE

, The table provides all messages sent on Twitter by experts from N 60 on January 2, 2013 between 12 p.m. and 1 p.m. Table 2.4: News release times for Twitter versus Bloomberg

I. Bloomberg and . On, , vol.21, p.29

, Carl_C_Icahn We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today

. Bloomberg,

A. Bloomberg and . Work, Apple is hiring automotive experts to work in a secret research lab @FT sources say, RESEARCH LAB FT 2015-02-13 13:22:26 tim About those Apple car rumours, vol.28, p.36

G. Bloomberg and . Reuters, , vol.24, p.41

G. E. Bloomberg, . Said, and . Be,

B. Bloomberg and . Ft, , vol.13, p.54

I. Bloomberg and . Generale,

I. Bloomberg and . Wapner,

, ScottWapnerCNBC Sources tell me @Carl_C_Icahn has absolutely no involvement in $IBM. Stock had moved earlier on rumor that he did, vol.13, p.24

I. Bloomberg and . Learned, AUG SEC CONDUCTING PROBE ON REVENUE RECOGNITION 2015-10-27 13:47:24 for J amp J blood-testing unit. @WSJ scoop

, Bloomberg JNJ 1.2B JUDGMENT OVERTURNED BY ARKANSAS SUPREME COURT AP, vol.18, p.50

J. Bloomberg and . Div, , vol.59, p.43

$. Openoutcrier and . Jnj, , vol.25, p.30

L. Bloomberg and . Politico, , vol.18, p.30

W. Mike, Duke tells associates: Leslie Dach executive vice president corporate affairs leaving in June after 7 yrs, vol.12, p.23

W. Bloomberg and . China, sbanjo Walmart closing stores in Brazil China that aren't profitable revises down square footage from 20-22 million to 14 million, 2013.

, Bloomberg Walmart COM BEGINS SELLING APPLE WATCH TECHCRUNCH 2015-12-11, vol.12, p.9

, The table presents 15 (selected) cases where Twitter effectively "breaks the news". For each news, the first line represents Bloomberg reported timestamp with the associated Bloomberg headline. The second line presents the first mention of the news on Twitter, the user who "breaks the news" and the tweet content, TechCrunch Walmart com Begins Selling The Apple Watch

, Event, vol.561, pp.257-877

, Cumulative abnormal returns on day t are equal to the sum of abnormal returns from day t-4 to day t. ***, ** and * represent abnormal returns significance respectively at the 1%, 5%, and 10% level using a Corrado rank test. Results are presented for [1] stocks with a price greater than $0.10 and a market capitalization greater than $1,000,000

, Cumulative abnormal returns on day t are equal to the sum of abnormal returns from day t-4 to day t. ***, ** and * represent abnormal returns significance respectively at the 1%, 5%, and 10% level using a Corrado rank test. Results are presented for [1] stocks with a price greater than $0.10 and a market capitalization greater than $1,000,000, [2] stocks with a price greater than $0.01 and a market capitalization greater than $100,000, Stock price and Twitter activity Notes: This figure shows the price of the Wholehealth Products ($ GWPC) shares (right-axis) and the daily number of messages containing the cashtag $ GWPC posted on Twitter between, vol.3, 2014.

, Due to the SEC investigation, $GWPC stock price is flat at $0.048 between

, Corrado Te t Stati tic AR Corrado Te t Stati tic 5-day CAR

&. Price, Mkt Cap > $0.1M

, Rank Test Statistic Corrado Test Statistic AR Corrado Test Statistic 5-da CAR

, Horizontal dashed blue lines represent significance thresholds at the 5% level and 1% level, OTC Pink Marketplace Notes: This figure shows the one-day standardized average rank (green) and the 5-day rolling average rank (red) for both the estimation window

, Total 415, vol.790, issue.1, p.918

, Transfer Agents" and "Miscellaneous". The category "Market Manipulation" includes "Newsletter/Touting", a category initiated by the SEC in 1999 and re-integrated into, Total (%) 8.44% 16.06% 27.16% 9.60% 38, 2003.

, _Singlepoint_ $SING working to finish acquiring GreenStar Payment Solutions in short order 2014-10-13 17:44:57 badnewsbruno RT @_Singlepoint_: $SING working to finish acquiring GreenStar Payment Solutions in short order, _Singlepoint_ $SING increasing number of terminals every week on track to hit sales targets, 2014.

, JayBugster When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, BoardwalkPennyS When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, Micro_Cap_Pro When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, MicroCapUnivers When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, StockShocks When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, PennyStockExcel When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, DaddyHotStocks When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, StockUltraman When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, HotStockCafe When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, Penny_Hotsocks When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, PlatinumPennys When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, Virmmac When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, IonPennyStocks When completed GreenStar Payment Solutions, Inc. will be a wholly owned subsidiary of SinglePoint

, See why at http://t.co/FwU0sYdHLW $MSEZ #Penny #pennystocks

P. Singlepoint and . Inc, Signs LOI to Acquire 100% of GreenStar Payment Solutions-$SING

. Stockultraman-singlepoint and . Inc, Signs LOI to Acquire 100% of GreenStar Payment Solutions-$SING

M. Singlepoint and . Inc, Signs LOI to Acquire 100% of GreenStar Payment Solutions-$SING

. Ionpennystocks-singlepoint and . Inc, Signs LOI to Acquire 100% of GreenStar Payment Solutions-$SING

H. Singlepoint, the same tweet was sent by 14 different Twitter accounts belonging to the same paid advertiser (multiple accounts spamming). The exact same pattern appears one hour later, Inc. Signs LOI to Acquire 100% of GreenStar Payment Solutions-$SING Notes: This table presents a sample of messages containing the cashtag $ SING posted on Twitter after the stock market closes on October 13, vol.12, 2014.

, Cumulative abnormal returns on day t are equal to the sum of abnormal returns from day t-4 to day t. ***, ** and * represent abnormal returns significance respectively at the 1%, 5%, and 10% level using a Corrado rank test. Results are presented for [1] stocks with a price greater than $0.10 and a market capitalization greater than $1,000,000

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