The Internet and the future of financial markets
Communications of the ACM
Opening the "Black Box" of Network Externalities in Network Adoption
Information Systems Research
Information Systems Research
Information Systems Research
Frictionless Commerce? A Comparison of Internet and Conventional Retailers
Management Science
The Wisdom of Crowds
Enabling Customer-Centricity Using Wikis and the Wiki Way
Journal of Management Information Systems
Harnessing the wisdom of crowds in wikipedia: quality through coordination
Proceedings of the 2008 ACM conference on Computer supported cooperative work
What's mine is mine: territoriality in collaborative authoring
Proceedings of the SIGCHI Conference on Human Factors in Computing Systems
Yahoo! for Amazon: Sentiment Extraction from Small Talk on the Web
Management Science
Competition Among Virtual Communities and User Valuation: The Case of Investing-Related Communities
Information Systems Research
Wikipedians are born, not made: a study of power editors on Wikipedia
Proceedings of the ACM 2009 international conference on Supporting group work
The collaborative construction of "fact" on Wikipedia
Proceedings of the 27th ACM international conference on Design of communication
Beyond Wikipedia: coordination and conflict in online production groups
Proceedings of the 2010 ACM conference on Computer supported cooperative work
The effects of diversity on group productivity and member withdrawal in online volunteer groups
Proceedings of the SIGCHI Conference on Human Factors in Computing Systems
A sender-receiver framework for knowledge transfer
MIS Quarterly
Comment: where is the theory in wikis?
MIS Quarterly
Comment: the wiki way in a hurry--the ICIS anecdote
MIS Quarterly
Co-Creation: Toward a Taxonomy and an Integrated Research Perspective
International Journal of Electronic Commerce
Information Quality in Wikipedia: The Effects of Group Composition and Task Conflict
Journal of Management Information Systems
Moderated Online Communities and Quality of User-Generated Content
Journal of Management Information Systems
Research Note---Online Price Dispersion: A Game-Theoretic Perspective and Empirical Evidence
Information Systems Research
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In this paper, we seek to determine whether a typical social media platform, Wikipedia, improves the information environment for investors in the financial market. Our theoretical lens leads us to expect that information aggregation about public companies on Wikipedia may influence how management's voluntary information disclosure reacts to market uncertainty with respect to investors' information about these companies. Our empirical analysis is based on a unique data set collected from financial records, management disclosure records, news article coverage, and a Wikipedia modification history of public companies. On the supply side of information, we find that information aggregation on Wikipedia can moderate the timing of managers' voluntary disclosure of companies' earnings disappointments, or bad news. On the demand side of information, we find that Wikipedia's information aggregation moderates investors' negative reaction to bad news. Taken together, these findings support the view that Wikipedia improves the information environment in the financial market and underscore the value of information aggregation through the use of information technology.