Investor sentiment and stock returns: Wisdom of crowds or power of words? Evidence from Seeking Alpha and Wall Street Journal

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2025-06-01 DOI:10.1016/j.finmar.2025.100970

Ioanna Lachana, David Schröder

引用次数: 0

Abstract

In light of changes in the media landscape from traditional print towards social media, in this study we compare the ability of investor sentiment measures obtained from various media sources to predict short-term market returns. We show that investor sentiment extracted from the social media platform Seeking Alpha is better in predicting market returns than investor sentiment obtained from the Wall Street Journal, a traditional print medium. Seeking Alpha is more suitable for the extraction of investor sentiment due to the richer language and timeliness of online media.

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投资者情绪与股票回报：群体智慧还是言语力量？《寻求阿尔法》和《华尔街日报》的证据

鉴于媒体格局从传统印刷到社交媒体的变化，在本研究中，我们比较了从各种媒体来源获得的投资者情绪指标预测短期市场回报的能力。我们表明，从社交媒体平台Seeking Alpha提取的投资者情绪比从传统印刷媒体《华尔街日报》（Wall Street Journal）获取的投资者情绪更能预测市场回报。网络媒体语言更丰富，时效性更强，因此Seeking Alpha更适合于投资者情绪的提取。

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

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.