온라인 주식게시판 정보가 주식투자자의 거래행태에 미치는 영향

The Impact of Information on Stock Message Boards on Stock Trading Behaviors of individual investors

Previous studies in information systems and finance literature suggest that information on stock message boards influences individual investors’ investment decisions. However, it is not unclear how information on online stock message boards influences an individual investor’ s buy or sell decisions. To address this research question, we investigate the relationship between a number of posts on stock message and order imbalance in stock markets. Order imbalance is defined as the difference between the daily sum of shares traded at a buy side and the daily sum of shares traded at a sell side. Therefore, order imbalance can suggest the direction of trades and the strength of the direction with trading volumes.