Twitter matters for metaverse stocks amid economic uncertainty

Ahmet Faruk Aysan, Jonathan Batten, Giray Gözgör, Rabeh Khalfaoui and Zhamal Nanaeva

Finance Research Letters, 2023, vol. 56, issue C

Abstract: The study examines the relationship between economic uncertainty, as measured by the Twitter-based economic uncertainty index (TEU), and Metaverse stocks across different time-frequency domains. By employing Wavelet Local Multiple Correlation analysis, we identify a substantial and statistically significant correlation between TEU and the Metaverse stock market across all time horizons examined. The positive correlation is confirmed when two alternative measures of economic uncertainty: crude oil and gold volatility, are included. The results highlight the importance of considering real-world economic uncertainty in decision-making processes involving virtual reality environments.

Keywords: Metaverse stocks; Twitter-based economic uncertainty index; Wavelet local multiple correlation; Crude oil volatility; Gold volatility (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:56:y:2023:i:c:s1544612323004889

DOI: 10.1016/j.frl.2023.104116

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