How did COVID-19 shape the Tweets sentiment impact upon stock prices of sport companies?

38 Pages Posted: 28 Jul 2020 Last revised: 14 Aug 2020

See all articles by Karim Derouiche

Karim Derouiche

Université Paris Dauphine

Marius Frunza

Schwarzthal Tech; Schwarzthal Kapital

Date Written: July 12, 2020

Abstract

This article aims to study the link between Twitter announces and stock prices of sports companies during the COVID crisis. In many instances, news, announces, social media content affect the evolution of stock prices. This paper assesses the relationship between the sentiment of social media and the evolution of stock prices. The study focuses on companies from the sports sector due to their popularity and the consistent number of followers on social networks, which provide a sound basis of analysis. Two aspects are explored: the Granger causality analysis of the tweets on stock prices and the event study related to the COVID crisis. The approach is implemented for a sample of 18 listed companies in the sports sector.

Keywords: COVID-19, Pandemic, Panic, Sport sector, Juventus, Lazio, Cristiano Ronaldo, NLP, Tweets, Sentiment analysis, Granger causality, Event study

JEL Classification: G01

Suggested Citation

Derouiche, Karim and Frunza, Marius, How did COVID-19 shape the Tweets sentiment impact upon stock prices of sport companies? (July 12, 2020). Available at SSRN: https://ssrn.com/abstract=3649726 or http://dx.doi.org/10.2139/ssrn.3649726

Karim Derouiche

Université Paris Dauphine ( email )

Place du Maréchal de Tassigny
Paris, Cedex 16 75775
France

Marius Frunza (Contact Author)

Schwarzthal Tech ( email )

231b Business design Center
Upper Street
London, London N1 0QH
United Kingdom

HOME PAGE: http://www.schwarzthal.tech

Schwarzthal Kapital ( email )

34 quai de Dion Bouton
La Defense Puteaux, 92800
France

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