Recent studies using data on social media and stock markets have mainly focused on predicting stock returns. Instead of predicting stock price movements, we examine the relation between Facebook data and investors' decision making in stock markets with a unique data on investors' transactions on Nokia. We find that the decisions to buy versus sell are associated with Facebook data especially for passive households and also for nonprofit organizations. At the same time, it seems that more sophisticated investors---financial and insurance institutions---are behaving independently from Facebook activities.

翻译：最近利用社会媒体和股票市场数据进行的研究主要侧重于预测股票回报。 我们不但没有预测股票价格的变动,反而用诺基亚投资者交易的独特数据来审视Facebook数据与股票市场投资者决策之间的关系。 我们发现买卖决定与Facebook数据有关,特别是针对被动家庭和非营利组织。 与此同时,似乎更先进的投资者-金融和保险机构-独立于Facebook活动。