Analyzing Online Fake Business News Communication and the Influence on Stock Price: A Real Case in Taiwan

  • Wang, Chih-Chien (Graduate Institute of Information Management, National Taipei University) ;
  • Chiang, Cheng-Yu (Graduate Institute of Information Management, National Taipei University)
  • Received : 2019.07.01
  • Accepted : 2019.11.30
  • Published : 2019.12.31


On the Internet age, the news is generated and distributed not only by traditional news media, but also by a variety of online news media, news platforms, content websites/content farms, and social media. Since it is an easy task to create and distribute news, some of these news reports may contain fake or false facts. In the end, the cyberspace is full of fake or false messages. People may wonder if these fake news actually influence our decision making. In this paper, we discussed a real case of fake news. In this case, a Taiwanese company used some fake news, advertorial news, and news placement to manipulate or influence its stock price and trade volume. We collected all news for the case company during a period of four years and five months (from January 2013 to May 2017). We analyzed the relationship between published news and stock price. Based on the analysis results, we conclude that we should not ignore the influence of news placement and fake business news on the stock price.


Supported by : Taiwan Ministry of Science & Technology


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