| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28749 |
| 来源ID | Working Paper 28749 |
| Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices | |
| Francesco Bianchi; Roberto Gomez Cram; Howard Kung | |
| 发表日期 | 2021-05-03 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper documents that individual politicians affect asset prices using a high-frequency identification approach. We exploit the regular flow of viewpoints contained in tweets from Congress members. Supportive (critical) tweets increase (decrease) the stock prices of the targeted firm in minutes around the tweet. The price response persists for several days, during which analysts revise their forecasts about the firm's cash flows. We link the tweets to legislation and find that surges in viewpoints within a bill predict roll call votes months before its signing. Overall, we show that congressional social media accounts are an important source of political news. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w28749 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586423 |
| 推荐引用方式 GB/T 7714 | Francesco Bianchi,Roberto Gomez Cram,Howard Kung. Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28749.pdf（692KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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