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In collaborative crowdsourcing communities for open innovation, users generate and submit ideas as idea co‐creators. Firms then select and implement valuable ideas for new product development. Despite the popularity and success of these open innovation communities, relatively little is known about the factors that determine the implementation of the user‐generated ideas. Based on research on individual creativity, we propose a conceptual model integrating users' previous experience, idea presentation characteristics and feedback valence to explain the likelihood of idea implementation. We validate our research model with a panel data analysis of 43 550 ideas submitted by 16 360 users in the MIUI new product development community hosted by Xiaomi, a large electronics manufacturing company in China. We find an inverted U‐shaped relationship between users' past successful experience and idea implementation. Furthermore, the length of ideas is positively associated with the likelihood of idea implementation. There is also an inverted U‐shaped relationship between supporting evidence and idea implementation. Finally, we demonstrate the negative effect of positive feedback and the positive effect of negative feedback on idea implementation. These findings offer rich insights to understand the phenomenon of open innovation better. Theoretical and practical implications are discussed.

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Fueled by the explosive growth of Web 2.0 and social media, online investment communities have become a popular venue for individual investors to interact with each other. Investor opinions extracted from online investment communities capture “crowd wisdom” and have begun to play an important role in financial markets. Existing research confirms the importance of crowd wisdom in stock predictions, but fails to investigate factors influencing crowd performance (that is, crowd prediction accuracy). In order to help improve crowd performance, our research strives to investigate the impact of crowd characteristics on crowd performance. We conduct an empirical study using a large data set collected from a popular online investment community, StockTwits. Our findings show that experience diversity, participant independence, and network decentralization are all positively related to crowd performance. Furthermore, crowd size moderates the influence of crowd characteristics on crowd performance. From a theoretical perspective, our work enriches extant literature by empirically testing the relationship between crowd characteristics and crowd performance. From a practical perspective, our findings help investors better evaluate social sensors embedded in user‐generated stock predictions, based upon which they can make better investment decisions.

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Maliciously false information (disinformation) can influence people's beliefs and behaviors with significant social and economic implications. In this study, we examine news articles on crowd‐sourced digital platforms for financial markets. Assembling a unique dataset of financial news articles that were investigated and prosecuted by the Securities and Exchange Commission, along with the propagation data of such articles on digital platforms and the financial performance data of the focal firm, we develop a well‐justified machine learning system to detect financial disinformation published on social media platforms. Our system design is rooted in the truth‐default theory, which argues that communication context and motive, coherence, information correspondence, propagation, and sender demeanor are major constructs to assess deceptive communication. Extensive analyses are conducted to evaluate the performance and efficacy of the proposed system. We further discuss this study's theoretical implications and its practical value.