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ESSAYS ON USER-GENERATED CONTENT AND
FIRM PERFORMANCE
by
Seshadri N. Tirunillai
A Dissertation Presented to the
FACULTY OF THE USC GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PHILOSOPHY
(BUSINESS ADMINISTRATION)
August 2011
Copyright 2011 Seshadri N. Tirunillai
Object Description
| Title | Essays on user-generated content and firm performance |
| Author | Tirunillai, Seshadri N. |
| Author email | tirunill@usc.edu;tn.seshadri@gmail.com |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Business Administration |
| School | Marshal School of Business |
| Date defended/completed | 4/7/2011 |
| Date submitted | 7/18/2011 |
| Date approved | 7/18/2011 |
| Restricted until | 7/18/2013 |
| Date published | 7/18/2013 |
| Advisor (committee chair) | Tellis, Gerard |
| Advisor (committee member) |
Dutta, Shantanu James, Gareth Luo, Lan |
| Abstract | User-Generated Content (UGC) in online platforms provides a valuable source of consumer feedback on market performance of firms. This dissertation examines how User- Generated Content (UGC) in form of product reviews influence financial performance of firms and how managers could use UGC for getting feedback on performance of the brands. ❧ Chapter 1 examines whether UGC is related to stock market performance, which metric of UGC has the strongest relationship, and what the dynamics of the relationship are. I aggregate UGC (in the form of product reviews) from multiple websites over a four year period across six markets and fifteen firms. I derive multiple metrics of UGC and use multivariate time series models to assess the short and long term relationship between the metrics of UGC and stock market performance (abnormal returns, risk, and trading volume). The findings reveal that UGC is moderately correlated with abnormal returns, risk, and trading volume. Of all the metrics of UGC, chatter (volume) shows the strongest relationship with abnormal returns and trading volume. The effect of negative and positive metrics of UGC on abnormal returns is asymmetric. Whereas negative UGC has a strong effect on abnormal returns and trading volume with a short “wearin” and long “wearout,” positive UGC has no effect on these metrics. Idiosyncratic risk increases with negative information in UGC. These results have important implications for managers and investors. ❧ Chapter 2 investigates how to derive dimensions of product quality from UGC, how these dimensions vary dynamically over time and how these metrics are good predictor of financial performance. Perceived quality of a product or service is one of the most important drivers of consumer satisfaction, competition, and the long term success of a brand. Identifying the right dimensions of perceived quality is central to devising positioning strategies, creating advertising content, improving current products, or designing new products. Consumer expressions about products and services in UGC constitute an excellent source of feedback. In this paper, I analyze the rich data in product reviews to get the dimensions of perceived quality using Latent Dirichlet Allocation. I validate the method using different techniques. I further examine the value of these dimensions by assessing which of the dimensions best predict the stock market returns and earnings of a firm. Deriving the key dimensions of quality and brands’ positions on these dimensions can help to design advertising content, re-design current products, and design new products. |
| Keyword | user-generated content; stock returns |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Provenance | Electronically uploaded by the author |
| Type | texts |
| Legacy record ID | usctheses-m |
| Contributing entity | University of Southern California |
| Rights | Tirunillai, Seshadri N. |
| Access conditions | The author retains rights to his/her dissertation, thesis or other graduate work according to U.S. copyright law. Electronic access is being provided by the USC Libraries in agreement with the author, as the original true and official version of the work, but does not grant the reader permission to use the work if the desired use is covered by copyright. It is the author, as rights holder, who must provide use permission if such use is covered by copyright. The original signature page accompanying the original submission of the work to the USC Libraries is retained by the USC Libraries and a copy of it may be obtained by authorized requesters contacting the repository e-mail address given. |
| Repository name | University of Southern California Digital Library |
| Repository address | USC Digital Library, University of Southern California, University Park Campus MC 7002, 106 University Village, Los Angeles, California 90089-7002, USA |
| Repository email | cisadmin@usc.edu |
| Archival file | uscthesesreloadpub_Volume71/etd-Tirunillai-121.pdf |
Description
| Title | Page 1 |
| Contributing entity | University of Southern California |
| Full text | ESSAYS ON USER-GENERATED CONTENT AND FIRM PERFORMANCE by Seshadri N. Tirunillai A Dissertation Presented to the FACULTY OF THE USC GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY (BUSINESS ADMINISTRATION) August 2011 Copyright 2011 Seshadri N. Tirunillai |
