How Government Information Release Affect Stock Market during Dramatic Public Health Shocks? The Intermediating Role of Public Sentiment
Abstract views: 230 / PDF downloads: 324
Keywords:Dramatic public health shocks, Public sentiment, Stock market response, Government information release
AbstractDuring dramatic public health shocks, the impact of anti-epidemic policies on public sentiment is uncertain, and public sentiment has a significant impact on the stock market. But the relationship between the three is not clear. This paper uses government information release to reflect anti-epidemic policies, uses personal weibo to calculate public sentiment, and analyzes the relationship between Government information release, public sentiment and stock market. Through the Bi-LSTM classification model analysis about 200,000 microblog data during COVID-19, and build panel data regression model. The results show that: public sentiment have a significant positive impact on stock returns; Government information release have a significant positive impact on public sentiment; public sentiment play a intermediating role between government information release and stock market; Influenced by the enterprise size and the industry it belongs to, there is heterogeneity in public sentiment's impact.
Download data is not yet available.
How to Cite
Zhao, S., Liu, Y., Lv, B., & Shangguan, Z. (2022). How Government Information Release Affect Stock Market during Dramatic Public Health Shocks? The Intermediating Role of Public Sentiment. International Journal of Economics and Financial Issues, 12(3), 60–67. https://doi.org/10.32479/ijefi.13043