Twitter Sentiments and Stock Market Indexes: A COVID-19 Analysis

Katsafados, Apostolos G.; Nikoloutsopoulos, Sotirios; Leledakis, George N.

doi:10.2139/ssrn.3997996

Cited by 2 publications

(2 citation statements)

References 63 publications

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“…Even though this sentiment is typically negative, it can also be positive. This is confirmed by several studies that have built positive COVID-19 sentiment based on Google Trends and Twitter on the stock market (Anastasiou et al, 2022;Katsafados et al, 2021). Research includes Subramaniam and Chakraborty (2021), Vasileiou (Vasileiou, 2021), Salisu and Akanni (2020), and Lee (2020), showed that COVID sentiment has a negative effect on stock market returns during the outbreak.…”

Section: Hypothesis Developmentsupporting

confidence: 61%

“…With the several vaccines now being widely distributed, a question that arises is whether sentiment toward COVID-19 now boosted Indonesian investor confidence which in turn increases stock price returns. Several studies also built a positive COVID-19 sentiment index based on Google Trends and Twitter (Anastasiou et al, 2022;Katsafados et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

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The Effect of COVID-19, Commodity Prices, and Exchange Rate on Indonesian Stock Market

Nurrahma

2022

J. Keuang. dan Perbank.

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The purpose of this study is to examine the impact of COVID-19, exchange rate, and commodity prices on the performance of stock markets, focusing on the Arbitrage Pricing Theory (APT) and behavioral influence of the sentiment due to COVID-19. To accomplish this, search volumes compiled by Google Trends on the topic of COVID-19 were used as a proxy for COVID-19 sentiment. The results from applying a panel data approach, using a data set of 35 stocks listed LQ45 index, for the period January 1, 2020, to December 31, 2021, showed that COVID-19 cases and exchange rate have a negative effect on the stock markets. Conversely, commodity prices positively affect the stock markets. However, the estimation fails to reflect the significant impact of the COVID-19 sentiment on stock markets, but it has a positive effect on stock markets. This result implies that (1) higher COVID-19 cases are still a source of weakness in the Indonesian stock market, (2) Positive sentiment suggests that Indonesian investors are more optimistic throughout the pandemic period.

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