  We investigate the information content of 3PROTV, a south Korean financial
youtube channel. In our sample we found evidence for the hypothesis that the
channel have information content on stock selection, but only on negative
sentiment. Positively mentioned stock had pre-announcement spike followed by
steep fall in stock price around announcement period. Negatively mentioned
stock started underperforming around the announcement period, with
underreaction dynamics in post-announcement period. In the area of market
timing, we found that change of sentimental tone of 3PROTV than its historical
average predicts the lead value of Korean market portfolio return. Its
predictive power cannot be explained by future change in news sentiment, future
short term interest rate, and future liquidity risk.
