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The main objective in this paper is to study the effect of reviews by top- and bottom-ranked reviewers on product sales. We use designated market area sales data for 182 new music albums released over an approximately three-month period along with user review data from Amazon.com. Our estimation accounts for confounding factors in the effects of online word-of-mouth measures via the use of instrumental variables. There are several key insights. Overall, we find that bottom-ranked reviewers have a greater effect on sales than top-ranked reviewers. Top-ranked reviewers can be opinion leaders, but their influence is largely limited to special cases like very new products or products with high variance in existing reviews. Additional analysis reveals that the differences in the influence of top- and bottom-ranked reviewers is driven by both what they write (content) and who they are (identity). The results are robust across multiple product categories (music and cameras) and multiple dependent variables (sales and sales rank).

S. Shyam Sundar is the founder of the Media Effects Research Laboratory, a leading facility of its kind in the country. He is Director of the Center for Socially Responsible Artificial Intelligence ( ), an interdisciplinary consortium at Penn State that is devoted to the development and application of AI with an emphasis on its social and ethical implications, enhancing social good and mitigating threats from its misuse.

Sundar was among the first to publish refereed research on the effects of internet-based media in the Journal of Communication, the flagship publication of the International Communication Association (ICA). His work has also appeared in other leading journals, such as Communication Research, Human Communication Research, Media Psychology, Human Computer Interaction, International Journal of Human-Computer Studies, Behaviour & Information Technology, The Information Society, Journal of Advertising, and Journalism & Mass Communication Quarterly. In addition, he has published in leading conference proceedings such as CHI (Computer Human Interaction), HRI (Human Robot Interaction), and CSCW (Computer-Supported Cooperative Work).

In a content analysis of journal articles published during the first decade of the Internet, Sundar was identified as the most published author of Internet-related research in the field of communications, and across 11 leading journals of communications, marketing and advertising (Cho & Khang, 2006; Journal of Advertising, 35: 3, 143-163).

A frequently cited source on technology, Sundar has testified before US Congress as an expert witness and delivered talks at several universities in the United States, Germany, Netherlands, Hong Kong, Korea, China, Singapore and India. He has served on the editorial boards of over 20 journals, including Communication Research, Journal of Communication, Human Communication Research, Media Psychology, Journalism & Mass Communication Quarterly, Journal of Broadcasting & Electronic Media, and Journal of Advertising.

He is editor of the first-ever Handbook on the Psychology of Communication Technology, published by Blackwell Wiley in 2015. From 2013 to 2017, Sundar was editor-in-chief of the Journal of Computer-Mediated Communication.

He is a winner of Penn State's Faculty Scholar Medal, for outstanding achievement in social and behavioral sciences. He is a Fellow of ICA, and was elected chair of the Communication & Technology division and Vice-President of ICA, 2008-2010. He is also a recipient of the Frederick Williams Prize awarded by the division for contribution to the study of communication technology. He is the youngest recipient of the Deutschmann award for research excellence from the Association for Education in Journalism and Mass Communication (AEJMC). His contribution to the field also includes serving as the head of the Communication Technology Division of AEJMC, 2000-2001. He has also chaired AEJMC's Publications Committee and served on its Strategic Plan Committee.

An avid music fan, Shyam is a long-time host of the radio show Jazz Spectrum, which airs Wednesday mornings from 9 to 11 am EST on the local station WKPS, accessible on the dial at 90.7 FM and on the Web at www.thelion.fm

Huang, Y., Sundar, S. S., Ye, Z., & Johnson, A. C. (2021). Do women and extroverts perceive interactivity differently than men and introverts? Role of individual differences in responses to HCI vs. CMC interactivity. Computers in Human Behavior, 123, 106881.

Chen, J., Chen, C., Walther, J. B., & Sundar, S. S. (2021). Do you feel special when an AI doctor remembers you? Individuation effects of AI vs. human doctors on user experience. Extended Abstracts of the 2021 CHI Conference on Human Factors in Computing Systems, Article No. 299.

Cho, E., Kim, J., & Sundar, S. S. (2020). Will you log into Tinder using your Facebook account? Adoption of single sign-on for privacy-sensitive apps. Extended Abstracts of the 2020 CHI Conference on Human Factors in Computing Systems, LBW282.

Wang, J., Molina, M. D., & Sundar, S. S. (2020). When expert recommendation contradicts peer opinion: Relative social influence of valence, group identity and artificial intelligence. Computers in Human Behavior.

Sundar, S. S., Jung, E., Waddell, T. F., & Kim, K. J. (2017). Cheery companions or serious assistants? Role and demeanor congruity as predictors of robot attraction and use intentions among senior citizens. International Journal of Human-Computer Studies, 97, 88-97.

Kim, K. J., Kim, S., Park, E., Sundar, S. S., & del Pobil, A. P. (2012). The more the better? Effects of ad exposure frequency on online consumers with varying product knowledge. Proceedings of the 8th International Conference on Interaction Science and Digital Content Technology (ICIDT'12), 92-96.

Garris, K., Guillory, J., & Sundar, S. S. (2011). Does interactivity serve the public interest? The role of political blogs in deliberative democracy. International Journal of Interactive Communication Systems and Technologies, 1, 1-18.

Kalyanaraman, S., & Sundar, S. S. (2006). The psychological appeal of personalized online content in Web portals: Does customization affect attitudes and behavior? Journal of Communication, 56, 110-132.

Two entities have sold a 2.9% stake in VST Industries for Rs 152 crore via open market transactions. HDFC Mutual Fund (MF) and DSP MF sold their shares in VST Industries in a range of Rs 3,390- Rs 3,390.13 apiece, taking the combined transaction value to Rs 152.55 crore.

The gold loan focused non-bank lender Muthoot Finance said it would raise up to Rs 1,000 crore through a public issue of secured, redeemable non-convertible debentures (NCDs). The issue has a base size of Rs 100 crore with an option to retain oversubscription up to Rs 900 crore.

The online travel service provider plans to raise up to Rs 1,000 crore via a preferential issue. The board has given in-principle nod for the fundraising proposal. Easy Trip Planners operates under the brand EaseMyTrip.

The steel maker has launched its Qualified Institutional Placement (QIP) with a base issue size of Rs 1,152 crore. The company is targeting an increased issue size of Rs 1,385.3 crore, incorporating the green shoe option. The price for the QIP is fixed at a discount of 10.4% to the closing price and 3.6% to the SEBI floor price.

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