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oai:drum.lib.umd.edu:1903/358632026-07-02T07:55:11Zcom_1903_2205com_1903_1584com_1903_2col_1903_2736col_1903_3

Cao, Sean Chen, Yajie Digital Repository at the University of Maryland University of Maryland (College Park, Md.) Business and Management: Accounting & Information Assurance 2026-07-02T05:41:29Z 2026 https://doi.org/10.13016/c9pe-gen9 http://hdl.handle.net/1903/35863 This study investigates the growing phenomenon of social bot engagement with corporate disclosures. Using hand-collected data on user interactions with corporate earnings announcement (EA) tweets, I find that bot dissemination generates positive short-term returns around EA tweets, which subsequently reverse. Additional evidence suggests that the reversal likely arises because bots amplify overreaction to firms’ optimistic framing. Cross-sectional analyses show that the effect is stronger for firms with greater retail investor presence and for those with lower information transparency. Transaction-level trade evidence further indicates that retail investors are the primary drivers of the initial overreaction. A horse-race analysis against human dissemination shows that reversals occur only under bot engagement, as human interactions do not exhibit similar patterns but instead counterbalance firms’ optimistic framing. en Machine Tweeting Dissertation Accounting earnings news information dissemination social bots social media strategic disclosure open.access