INTERNET FINANCE FORUMS: INVESTOR EMPOWERMENT THROUGH CMC OR MARKET MANIPULATIONON A GLOBAL SCALE?

摘要

The Internet plays an increasingly important role in the dissemination of information about exchange tradedstocks including the “rumors” and “tips” frequently posted on Internet-based finance forums. Thepervasiveness of the Internet presents many difficulties for regulators who must balance the potential benefitsoffered by the technology against the capability for some individuals to systematically cultivate and exploit theuncertainty or enthusiasm of others. This research-in-progress seeks important insights into how Internetforums might encourage or discourage moral dialogue. Initial results based on quantitative and qualitativeanalysis of postings to an Internet-based finance forum are reported. The preliminary analysis provides someinsight into community views on the substance and ethics of stock price manipulation, and the role of Internetbasedcommunication environments.