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(Hosting-NewsWire.com, May 02, 2013 ) San Francisco, CA -- Social media websites such as Twitter can play a major role in the increased visibility of a small business, according to the recent study done by Elizabeth Blankespoor.
An associate professor of accounting, Blankespoor collaborated on the study with University of Michigan Professors of Accounting Gregory Miller and Hal White, and found that companies who utilized Twitter to communicate with investors experienced an increase in liquidity of their stocks.
“The big takeaway is that [Twitter] is being used as another channel to get information out, and it seems to be effective in getting information to a broader set of investors,” Blankespoor said. “This isn’t a niche area. This is something that firms can use in their normal investor communication, in combination with other ways to disclose information.”
Blankespoor did emphasize that while there are other researchers who have studied how social media can be utilized in predictions of market returns, her team's approach was unique in focusing on the direct impact of the medium in market communications.
The research discussed the project in March 2009, when Blankespoor offered to help Miller with the research. The team of Miller, Blankespoor, and white shared an interest in learning how firms communicate with investors, and the trio decided to look into the general impact of new forms of communication.
“We were just talking about some of the interesting changes that are occurring, and the assumptions that people make about how communication flows but how technology could change that,” Miller said. “Through those discussions, we started thinking about how this new way of being able to reach out and connect with your investors can really change things.” The trio chose to focus on Twitter because Blankespoor said that the social media platform “really started taking off and getting a lot of attention,” and had also received coverage in investor relations publications.
“Our first response was, ‘Twitter, really? That can be used for investor relations?’” Blankespoor said. “We went and just started investigating it because we wanted to understand if this is really something that is being used and can be useful for firms.”
The team then collected data from the middle of 2009 until the end of the year. According to Miller, the collection of data from financial markets was rather easy; however, gaining access to Twitter data was more of a challenge.
“We had to go out and learn about the structure of Twitter [and] how they kept the data,” he said. “Basically we did a combination of setting up computer programs to help pull the data down, and also used hand-collection processes where we hired [University of Michigan] students to go collect some of the data as [research assistants].”
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Source: EmailWire.Com
Source: EmailWire.com
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