This paper examines the market behavior of stocks that are favorably mentioned on official WeChat account (OWA). To the best of our knowledge, we are the first to investigate market reactions to recommendations on WeChat. The empirical results show that there is a significantly positive abnormal return and excess trading volume on the publication day. Moreover, the cumulative average abnormal return for OWA completely reverses in a short time, which supports the price pressure hypothesis. Additional analyses reveal that market reactions in the smaller firms are significantly greater than those in the largest firms on the publication day. Finally, we preclude possibilities that market reactions on the event day are induced by the secondary dissemination of analyst recommendations, firm-specific news releases, media coverage, and previous positive significant abnormal returns.

本文研究了在官方微信帐户（OWA）上受到好评的股票的市场行为。据我们所知，我们是第一个调查市场对微信推荐的反应的人。实证结果表明，在发布日有明显的正异常收益和超额交易量。此外，OWA的累积平均异常收益在短时间内会完全反转，这支持了价格压力假设。进一步的分析表明，在发布之日，小公司的市场反应明显大于大公司的市场反应。最后，我们排除了活动当天的市场反应是由于分析师建议，公司特定新闻稿，媒体报道，