I start our studies of your dating anywhere between economic development and you can economic es of your own 29 companies that was in fact listed in the newest Dow jones Industrial Average (DJIA) anywhere between 2 nd , a period which we have transaction volume and you may price study towards DJIA parts
Any kind of time single, the fresh DJIA contains 31 people. Yet not, Guests changed Citigroup in the DJIA over the course of our very own investigation. On the data advertised, i think inventory analysis and you can development investigation both for ones people. Full specifics of the business names used in new corpus data are provided on Additional Pointers (Table S1).
We browse the the partnership anywhere between need for a company regarding the reports and you may interest in a family from the stock segments
Brings getting businesses listed in the newest DJIA try replaced within Ny Stock market (NYSE), unlock ranging from 9:29 am and you can https://datingranking.net/dhenin.fr-hookup/red-deer cuatro pm Nyc time (for almost all of the season, 2:29 pm so you’re able to nine pm London area day). I do it data and all sorts of following the analyses to own trade weeks just, excluding all sundays and you will lender getaways.
In Figure 2, we take Bank of America as an example for this analysis and plot the number of daily mentions of “Bank of America” against daily transaction volume for Bank of America. We find that a greater number of daily mentions of “Bank of America” corresponds to a greater daily transaction volume for Bank of America stocks (? = 0.43, p < 0.001, Spearman's rank correlation).
Day-after-day amount of states out of “Financial out-of The united states” from the Financial Minutes and you may every single day transaction frequency getting Bank out of America (BAC) stocks.
We depict the correlation between the daily number of mentions of “Bank of America” and the daily transaction volume for Bank of America (BAC) stocks. We find that the daily number of mentions of “Bank of America” is positively correlated with the daily transaction volume for Bank of America (BAC) stocks (? = 0.43, p < 0.001, Spearman's rank correlation).
We extend this analysis to all 31 Dow Jones companies from this period. For each company, we calculate the Spearman’s rank correlation between the daily number of mentions of a company’s name in the Financial Times and the transaction volume of the corresponding company’s stocks (Figure 3). We analyze the distribution of Spearman’s rank correlation coefficients for all 31 companies. Whilst the strongest correlation is found for Bank of America, we find that overall, the correlation coefficients are significantly higher than zero (median correlation coefficient = 0.074; mean correlation coefficient = 0.100, W = 450, p < 0.001, Wilcoxon signed rank test). A greater number of mentions of a company in the news therefore corresponds to a greater transaction volume of a company's stocks. This suggests greater interest in a company in the news is related to greater interest in a company in the stock markets.
For each of the 31 companies that were listed in the Dow Jones Industrial Average between 2 nd , we plot the Spearman’s rank correlation between the daily number of mentions of a company’s name and the transaction volume of the corresponding company’s stockspanies are indicated using their ticker symbol, for which a full list can be found in the Supplementary Information (Table S1). We analyze the distribution of correlation coefficients and find that, overall, the correlation coefficients are significantly higher than zero (median correlation coefficient = 0.074; mean correlation coefficient = 0.100; W = 450, p < 0.001, Wilcoxon signed rank test). In other words, the daily number of mentions of a company's name is positively correlated with the daily transaction volume of a company's stocks.