Abstract This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, firms use Facebook posts to amplify earnings news. Such activity is selective, however; it is lower for firms with high levels of information asymmetry, for firms reporting earnings that exactly meet the consensus analyst forecast amount, and when the earnings news is negative but the accompanying price movement is positive. Hence, firms appear to use Facebook to manage the level of attention paid to earnings news.

中文翻译：

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脸书发布活动和收益披露的选择性放大

摘要这项研究研究了Facebook活动水平的决定因素，尤其关注了收益公告周围的Facebook活动。对于具有较高分析师关注度，个人拥有权和交易量的公司来说，Facebook活动通常较高，这表明它对投资者需求的影响做出了响应。Facebook的活动在收益公告附近也有所增加，增加的主要原因是包含收益新闻的帖子。因此，总的来说，公司使用Facebook帖子来放大收益新闻。但是，这种活动是选择性的。对于信息高度不对称的公司，报告的收益完全符合共识分析师预期的公司，当收益新闻为负但伴随的价格变动为正时，则较低。因此，