Lagging behind? Emotions in newspaper articles and stock market prices in the Netherlands

Nadine Strauß; Rens Vliegenthart; Piet Verhoeven

doi:10.1016/j.pubrev.2016.03.010

Lagging behind? Emotions in newspaper articles and stock market prices in the Netherlands

Nadine Strauß^*, Rens Vliegenthart, Piet Verhoeven

^*Corresponding author for this work

Research output: Contribution to journal › Article › Academic › peer-review

30 Citations (Scopus)

Abstract

This study investigates emotions in Dutch newspaper articles and their effects on, and responses to, opening prices of 21 stocks listed on the Amsterdam Exchange index for twelve years (2002–2013). With regard to the financial context, we employed a selection of the Dutch Linguistic Inquiry and Word Count dictionary to automatically content analyze emotional tone in news articles (N = 128,507). Neither positive nor negative emotions in news articles show consistent effects on the opening prices of stocks the following day. Granger causality tests suggest, however, that newspapers rather reflect movements on the stock market the following days by using more negative emotional words after an increase in the change of the opening prices.

Original language	English
Pages (from-to)	548-555
Number of pages	8
Journal	Public Relations Review
Volume	42
Issue number	4
DOIs	https://doi.org/10.1016/j.pubrev.2016.03.010
Publication status	Published - 1 Nov 2016
Externally published	Yes

Keywords

Computer-assisted content analysis
Emotions
Newspapers
Stock market
Time series analysis

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10.1016/j.pubrev.2016.03.010

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title = "Lagging behind? Emotions in newspaper articles and stock market prices in the Netherlands",

abstract = "This study investigates emotions in Dutch newspaper articles and their effects on, and responses to, opening prices of 21 stocks listed on the Amsterdam Exchange index for twelve years (2002–2013). With regard to the financial context, we employed a selection of the Dutch Linguistic Inquiry and Word Count dictionary to automatically content analyze emotional tone in news articles (N = 128,507). Neither positive nor negative emotions in news articles show consistent effects on the opening prices of stocks the following day. Granger causality tests suggest, however, that newspapers rather reflect movements on the stock market the following days by using more negative emotional words after an increase in the change of the opening prices.",

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AU - Verhoeven, Piet

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N2 - This study investigates emotions in Dutch newspaper articles and their effects on, and responses to, opening prices of 21 stocks listed on the Amsterdam Exchange index for twelve years (2002–2013). With regard to the financial context, we employed a selection of the Dutch Linguistic Inquiry and Word Count dictionary to automatically content analyze emotional tone in news articles (N = 128,507). Neither positive nor negative emotions in news articles show consistent effects on the opening prices of stocks the following day. Granger causality tests suggest, however, that newspapers rather reflect movements on the stock market the following days by using more negative emotional words after an increase in the change of the opening prices.

AB - This study investigates emotions in Dutch newspaper articles and their effects on, and responses to, opening prices of 21 stocks listed on the Amsterdam Exchange index for twelve years (2002–2013). With regard to the financial context, we employed a selection of the Dutch Linguistic Inquiry and Word Count dictionary to automatically content analyze emotional tone in news articles (N = 128,507). Neither positive nor negative emotions in news articles show consistent effects on the opening prices of stocks the following day. Granger causality tests suggest, however, that newspapers rather reflect movements on the stock market the following days by using more negative emotional words after an increase in the change of the opening prices.

KW - Computer-assisted content analysis

KW - Emotions

KW - Newspapers

KW - Stock market

KW - Time series analysis

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DO - 10.1016/j.pubrev.2016.03.010

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SP - 548

EP - 555

JO - Public Relations Review

JF - Public Relations Review

IS - 4

ER -

Lagging behind? Emotions in newspaper articles and stock market prices in the Netherlands

Abstract

Keywords

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