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 journalArticleAcademicpeer-review

27 Citations (Scopus)


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 languageEnglish
Pages (from-to)548-555
Number of pages8
JournalPublic Relations Review
Issue number4
Publication statusPublished - 1 Nov 2016
Externally publishedYes


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


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