Online public opinion and asset prices: a literature review

Data Science in Finance and Economics

Yuxuan Kang¹  Yi Qu¹  Yaya Su¹ 

[1] The School of Finance, Hunan University of Technology and Business, No. 569, Yuelu Avenue, Changsha City, Hunan Province, China;

关键词: online public opinion;    asset prices;    internet news media;    internet social media;   

DOI  :  10.3934/DSFE.2021004

来源: DOAJ

【 摘 要 】

We review the research work undertaken to explore how online public opinion information through social media and news media affects asset prices. First, it summarizes the measurement of online public opinion from three aspects: data source of online public opinion, textual sentiment analysis, and measurement of online public opinion index. Second, it puts forward the related theoretical basis of the research on online public opinion and asset price such as the noise trading theory, arbitrage limitation demonstrations, limited attention assumption and divergence models, etc. Third, it summarizes the three transmission channels through which online public opinion affects asset prices: investor attention, investor perceptions, and investor sentiment. Last, it looks deeply into the area and classifies the empirical literature according to various sources of online public opinion chosen by the researcher. Therefore, this exploratory work contributes to the existing literature by introducing the first systematic review.

【 授权许可】

Unknown