1. In this case, t * is the solution to equation (3) in the text. If ? > 0, the manager has the opportunity to switch and disclose her private information. Since she does so only if the expected value of the firm increases, ?(x) is increasing in ?. Next;Consider first the outcome when ? = 0 (social media is unanticipated)
2. Endogenous Information Flows and the Clustering of Announcements;V Acharya;American Economic Review,2011