Youtube and the Returns of Stocks: A Study of Events on the “O Primo Rico” Channel
DOI:
https://doi.org/10.5380/rcc.v14i3.81700Keywords:
Financial market, Youtube, Social media, Voluntary disclosure, informational asymmetry.Abstract
The research aims to verify the behavior of stock prices of companies that had public disclosure made by the Youtube channel "O primo rico", through its playlist of videos called "Empresas da Bolsa". The use of the social network was due to the absence of exclusive studies focused on the theme, as well as the increase in its popularity among users, given that, according to the Alexa website, Youtube is already the second most used social network in Brazil. and in the world. The sample is composed of six companies in the Brazilian capital market, for which the youtube channel has published videos. The necessary data (daily returns) were collected in the Economática database. The study of events was carried out according to the methodology of MacKinlay (1997). Among the findings, impacts, both positive and negative, were identified on the returns of companies from the publication of the videos. The accumulated abnormal return (CAR) for the windows closest to the event: [-1.1], [-2.2], were statistically significant, implying that the market was not efficient for this period, thus generating the possibility of abnormal gains. The results reinforce the relevance and use of social media as an accounting disclosure tool, either through official channels or through third parties, as well as its impact on companies' return.
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