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Social media discussion of sell-side analyst research: evidence from Twitter

Andrew C. Call et al.

Review of Accounting Studies2026https://doi.org/10.1007/s11142-025-09929-warticle
FT50AJG 4ABDC A*
Weight
0.50

Abstract

We examine Twitter discussion of sell-side analysts’ stock recommendation revisions. While many investors lack direct access to analyst research, we observe revision-related Twitter discussion associated with approximately 90 percent of the revisions in our sample, usually within three hours of their announcement. Revision-related Twitter discussion is greater for upgrades and for analysts from larger brokerages. Examining within-revision intraday price discovery, we observe increased price discovery during intraday windows with more revision-related tweets, especially for tweets that have more user engagement, are posted by more influential authors, or involve stocks with more intense retail trading volume. We find that revision-related retail trading is more intense and better predicts future returns for revisions with more revision-related Twitter discussion. We observe no such evidence for institutional investors who have direct access to sell-side research. Our results suggest that Twitter is an important channel in facilitating price discovery following analyst revisions, particularly among retail investors.

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https://doi.org/https://doi.org/10.1007/s11142-025-09929-w

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@article{andrew2026,
  title        = {{Social media discussion of sell-side analyst research: evidence from Twitter}},
  author       = {Andrew C. Call et al.},
  journal      = {Review of Accounting Studies},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1007/s11142-025-09929-w},
}

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Social media discussion of sell-side analyst research: evidence from Twitter

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.