DO INVESTORS CARE ABOUT PRESIDENTIAL COMPANY‐SPECIFIC TWEETS?
Alexander Kurov () and
Marketa Halova Wolfe
Journal of Financial Research, 2019, vol. 42, issue 2, 213-242
When the president of the United States tweets, do investors respond? We analyze the impact of tweets from President Donald J. Trump's official Twitter accounts from November 9, 2016 to December 31, 2017 that include names of publicly traded companies. We find that these tweets move company stock prices and increase trading volume, volatility, and institutional investor attention, with a stronger impact before the presidential inauguration. There is some evidence that the initial impact of the presidential tweets on stock prices is reversed in the next few trading days.
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Persistent link: https://EconPapers.repec.org/RePEc:bla:jfnres:v:42:y:2019:i:2:p:213-242
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