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Stock Market Reactions to Presidential Company-Specific Statements: Evidence from Twitter

23 Pages Posted: 15 Jun 2017 Last revised: 3 Aug 2017

Qi Ge

Skidmore College - Department of Economics

Alexander Kurov

West Virginia University - College of Business & Economics

Marketa Halova Wolfe

Skidmore College - Department of Economics

Date Written: August 3, 2017

Abstract

We analyze the impact of tweets from President Trump's official Twitter accounts from November 9, 2016 to February 28, 2017 that include the name of a publicly traded company. We find that these tweets move company stock prices and increase trading volume, volatility and investor attention, with a stronger impact before the presidential inauguration.

Keywords: Twitter, Company-Specific Tweets, President Trump, Stock Price, Trading Volume, Volatility, Investor Attention, Event Study

JEL Classification: G12, G14

Suggested Citation

Ge, Qi and Kurov, Alexander and Wolfe, Marketa Halova, Stock Market Reactions to Presidential Company-Specific Statements: Evidence from Twitter (August 3, 2017). Available at SSRN: https://ssrn.com/abstract=2986350

Qi Ge

Skidmore College - Department of Economics ( email )

815 North Broadway
Saratoga Springs, NY 12866-1632
United States

Alexander Kurov

West Virginia University - College of Business & Economics ( email )

P.O. Box 6025
Morgantown, WV 26506
United States

Marketa Halova Wolfe (Contact Author)

Skidmore College - Department of Economics ( email )

815 N Broadway
Saratoga Springs, NY 12866
United States
+1-518-580-8374 (Phone)

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