Title: The sentiments of open financial information, public mood and stock returns: an empirical study on Chinese growth enterprise market

Authors: Qingqing Chang

Addresses: School of Information Management and Engineering, Shanghai University of Finance and Economics, Shanghai, 200433, China

Abstract: This study links public mood to stock performance and examines the moderating role of co-occurring sentiments as expressed at open financial information platforms in this relationship. Drawing on the agenda-setting and source credibility theories, we developed hypotheses with the use of 345 stocks listed on the Chinese growth enterprise market and data on public mood, and open financial information sentiments collected between 1 October 2012 and 30 September 2015. Our findings suggest that public mood has a significant, positive impact on stock returns; more interestingly, we found that public mood has a stronger positive impact on stock performance than open financial information sentiments. Furthermore, the study found a positive interactive effect between public mood and open financial information sentiments, and determined that variation in public mood is a driving force with a market reaction, while the co-occurring open financial information sentiments amplify the effect of public mood on stock returns.

Keywords: sentiment analysis; public mood; open financial information sentiments.

DOI: 10.1504/IJCSE.2020.110550

International Journal of Computational Science and Engineering, 2020 Vol.23 No.2, pp.103 - 114

Received: 02 Mar 2020
Accepted: 27 Apr 2020
Published online: 23 Oct 2020 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article