This paper aims to study the role of sentiment dispersion in stock market. We extract the investor sentiment from tweets that are specifically about opinions on stocks. Naïve Bayes is then used to assign each tweet a conditional probability representing how positive each tweet is. We did not discretize the probability so as to reduce the information loss. Sentiment dispersion is then measured by standard deviation. The resulting sentiment dispersion is then correlate with future stock returns and realized volatility. This research is able to show whether sentiment dispersion contains information about future return and volatility, which are helpful in formulating investment strategy.
This paper investigates the occurrence of 'technology acceleration' across a range of information technologies. The prospect of was broached by Gordon Moore of Intel in 1965. His anecdotal 'law' – i.e. performance / price doubles every 18 months – has become received wisdom in many industries. Gilder popularized it as Moore’s law and proposed Gilder’s law and a number of such 'laws' reflect underlying social and networking phenomena in research and development. These ‘laws’ appear to hold for long periods of time, and specific markets may be characterized by their specific technology acceleration coefficients. Technology acceleration is related to the broader economic study of what are called hedonic pricing methods, which themselves are approaches to identifying shadow values. The hedonic pricing literature attempts to infer demand for product characteristics (such as performance) from market prices. This research review the hedonic pricing literature for computers, extends the existing literature for a broad range of computers and information technologies, and proposes technology-specific dynamic measures of price-performance change that is robust.
This research investigates factors influencing the willingness to pay for and consume mobile-online gaming services given varying levels of availability and usage of electronic cash technology. A sample of 9299 cases was surveyed and collected in Hong Kong comparing the influence of electronic cash availability on the willingness to pay for and consume mobile-online gaming services controlling for gender, age and education level. Our research found that electronic cash technology had almost no influence on men's' game usage while for women, the availability of electronic cash was a significant enabler of online game usage, and that age affected the degree of influence - electronic cash technology use among children and adolescents had almost no influence on game usage, but was influential in motivating more game usage in older gamers. Differences in educational level also impacted the effect of electronic cash availability on game usage, with those at the extremes, gamers with a primary only, or post-graduate education responding that electronic cash had almost no influence on their game usage, while gamers with secondary or college education tended to have electronic cash usage profiles closer to the average across all users.
Despite the potential of micro-payment systems very few systems have been successful. Little is known about the reasons behind the successful few and the failures of the majority. Micro-payment markets exhibit two-sided network effects and the underlying dynamics of these markets are not very well understood. Based on a stylized model of a two-sided market, we find that a 'survival mass' of merchants and consumers is required for a micro-payment system to exist and a 'critical mass' for the acceptance levels to take off and remain stable. We also find the non-intuitive result that lowering the consumer-side adoption cost will actually reduce the chances for the micro-payment market to develop. Thus, subsidization alone cannot create a micro-payment market. Anecdotal evidence supports this finding. When subsidization is needed, the consumer side will normally be subsidized. The two-sided market structure makes comparative analysis complex and non-trivial, rendering the implementation of micro-payment systems very difficult as indicated by the mixed results of a number of initiatives worldwide.
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