Person:
Dong, Hang

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Hang
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Dong
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IE University
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IE Business School
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Finance
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    Publication
    Digital platforms in the news industry: how social media platforms impact traditional media news viewership
    (Taylor and Francis Ltd., 2024) Ren, Jie; Popovic, Ales; Sabnis, Gaurav; Nickerson, Jeffrey; Dong, Hang; National Science Foundation; https://ror.org/02jjdwm75
    We examine how social media plays the role of an attention driver for traditional media. Social media attracts and channels attention to a topic. This attention triggers people to seek further information that is reported professionally in traditional media. Specifically,the volume of social media posts about a stock influences the attention to this stock the next day,proxied by the viewership of news articles on the same stock published the next day. We test this hypothesis in the stock market context because social media is less likely than traditional media to diffuse fundamental information in the stock market. Analysing stock-related news articles and stock-related social media posts from Sina Finance and Sina Weibo,we find that the social media post volume of a stock at time t-1 is associated with the traditional media viewership of the same stock at time t. This effect is amplified when social media sentiment about the stock is more intense or positive,and with an increase in the volume of verified social media posts about the stock. Our results provide evidence that social media platforms act as attention drivers,which differ from the information channel functions discussed in prior literature. © 2022 The Author(s). Published by Informa UK Limited,trading as Taylor & Francis Group.
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    Publication
    Information demand during the COVID-19 pandemic
    (Elsevier Inc., 2021) Gil Bazo, Javier; Dong, Hang; Ratiu, Raluca Valeria; https://ror.org/02jjdwm75
    We investigate the demand for financial information during the initial months of the COVID-19 pandemic. Using Google search data for individual stocks,we show that the Abnormal Google Search Volume Index declined significantly between March and June of 2020. We find a similar effect around earnings announcements dates,which confirms that the demand for financial information by retail investors declined during the pandemic. Our results are indicative of potentially important consequences for information diffusion,price discovery and market efficiency under extreme uncertainty. We discuss possible explanations for these results. © 2021 The Authors