Media tone and trading activity on the Sydney Stock Exchange 1901–1950

IF 0.4 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review Pub Date : 2024-09-18 DOI:10.1017/s0968565024000040

Grant Fleming, Zhangxin (Frank) Liu, David Merrett, Simon Ville

引用次数: 0

Abstract

We examine how media reports influenced trading volumes and order imbalances on the Sydney Stock Exchange (SSX) from 1901 to 1950, focusing on wool market reports as a substitute for broader financial advice in the absence of a specialised investment press. Given wool's status as Australia's primary export and its integration with various sectors, we construct a weekly media sentiment index based on news about wool sales and auctions from the Sydney Morning Herald. Our findings reveal that positive news about the wool market correlates with increased trading volumes and reduced order imbalances on the SSX. This relationship persisted during significant events such as the UK government's wool purchase plans, the 1929 Wall Street Crash, World War II-related trading restrictions, and the short selling ban.

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1901-1950 年悉尼证券交易所的媒体声调和交易活动

我们研究了 1901 年至 1950 年间媒体报道如何影响悉尼证券交易所（SSX）的交易量和订单失衡，重点关注羊毛市场报道在缺乏专业投资媒体的情况下如何替代更广泛的金融建议。鉴于羊毛作为澳大利亚主要出口商品的地位及其与各行业的融合，我们根据《悉尼先驱晨报》有关羊毛销售和拍卖的新闻构建了每周媒体情绪指数。我们的研究结果表明，有关羊毛市场的正面新闻与 SSX 交易量增加和订单失衡减少相关。这种关系在英国政府的羊毛购买计划、1929 年华尔街大崩盘、二战相关交易限制和卖空禁令等重大事件期间持续存在。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial History Review HISTORY OF SOCIAL SCIENCES-

CiteScore

1.00

自引率

0.00%

发文量

期刊介绍： Financial History Review is the international forum for all scholars with interests in the development of banking, finance, and monetary matters. Its editors deliberately seek to embrace the broadest approach to publishing research findings within this growing historical specialism. Articles address all aspects of financial and monetary history, including technical and theoretical approaches, those derived from cultural and social perspectives and the interrelations between politics and finance. These presentations of current research are complemented by somewhat shorter pieces, specifically conceived as aids to research. Each issue contains a substantial review section, and every complete volume contains an annual bibliography.