인터넷 종목토론실 게시글과 회계정보의 가치관련성

Abstract

[Purpose] I empirically analyze the impact of the Naver stock message boards on the value relevance of accounting information.
 [Methodology] I create a Python crawler to collect contents from the Naver stock message boards, and through regression analysis, I show the impact of the number and size of contents on the value relevance of net income, net assets, and research and development expenses.
 [Findings] I find that both the number and size of Naver stock message board contents have a positive impact on the value relevance of net assets and research and development expenses.
 [Implications] This study holds significance in a situation where contrasting opinions exist regarding the informativeness of stock message board posts. I show that in the process of accounting information being reflected in stock prices, contents of the stock message boards play a positive role as informative content.