文献类型：期刊文献

英文题名：Does social media information affect individual investor disposition effect? Evidence from Xueqiu

作者：Chen, Siliu[1]; Ren, Fei[1]

机构：[1] School of Business, East China University of Science and Technology, Shanghai, China

年份：2026

外文期刊名：arXiv

收录：EI(收录号：20260268122)

语种：英文

外文关键词：Social networking (online)

摘要：The irrational behavior of investors selling profitable assets too early while holding onto losing assets for too long is known as the disposition effect. Due to the development of the Internet, the information environment for individual investors has been greatly improved. As an important source of information for individual investors, whether social media can improve investors’ behavioral biases and return to rational expectations is a question worth studying. Based on the post data and actual trading data of the social investment platform Xueqiu.com, this paper studies the impact of social media information on the disposition effect of individual investors. The research results show that social media information can significantly reduce the disposition effect. Furthermore, it is through negative information that social media information reduces the disposition effect. When presented with negative information, individual investors will gradually become more rational in adjusting their positions. At the individual level, factors such as investment experience, users followed, region, and gender can all influence the effectiveness of the information acquired by individual investors in reducing the disposition effect. ? 2026, CC BY.