Sentiment and hype of business media topics and stock market returns during the COVID-19 pandemic

Ernest N. Biktimirov, Tatyana Sokolyk and Anteneh Ayanso

Journal of Behavioral and Experimental Finance, 2021, vol. 31, issue C

Abstract: We examine COVID-19 related topics discussed in the printed edition of the Wall Street Journal. Using text analytics and topic modeling algorithms, we discover 15 distinct topics and present differences in their sentiment (polarity) and hype (intensity of coverage) trends throughout 2020. Importantly, the hype of the topic, not the sentiment, relates to stock market returns. In particular, the hype scores for Debt market and Financial markets have the strongest positive relation to the stock market performance.

Keywords: COVID-19; Media hype; Media sentiment; Stock market; Topic modeling; Text analytics (search for similar items in EconPapers)
JEL-codes: G12 G40 G41 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:31:y:2021:i:c:s2214635021000861

DOI: 10.1016/j.jbef.2021.100542

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