Before revision:  We provide evidence that the decisions of less sophisticated investors---namely, households and URLanizations---to increase or decrease their shareholdings are associated with Facebook data , while the decisions of more sophisticated investors---financial and insurance institutions---are not associated with Facebook data .
After revision:  We provide evidence that the decisions of less sophisticated investors---namely, households and URLanizations---to increase or decrease their shareholdings are associated with Facebook data , while the decisions of more sophisticated investors---financial and insurance institutions---are behaving independently from Facebook activities .