The impacts of online public opinions on stock price synchronicity in China: Evidence from stock forums

In this study, a sample of 3605 points of firm-level panel data is analyzed to examine the impacts of the attention to and deviation of online public opinions on stock price synchronicity (SPS) in China. The empirical findings demonstrate that higher levels of online public opinions, including viewing and commenting on posts, as well as positive and negative posts, significantly reduce SPS. Furthermore, the attention to and sentiments of online public opinions can amplify their deviation. Specifically, increases in the numbers of post views and positive posts, as well as the deviation of public opinion, lead to a notable decrease in SPS.