{"id":"https://openalex.org/W2597925848","doi":null,"title":"Is media just noise?The link between media factors and stock performance","display_name":"Is media just noise?The link between media factors and stock performance","publication_year":2013,"publication_date":"2013-01-01","ids":{"openalex":"https://openalex.org/W2597925848","mag":"2597925848"},"language":"en","primary_location":{"id":"mag:2597925848","doi":null,"is_oa":false,"landing_page_url":"http://epub.lib.aalto.fi/fi/ethesis/pdf/13318/hse_ethesis_13318.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5079875169","display_name":"Iivari Lappalainen","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Iivari Lappalainen","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5036729747","display_name":"Pyry Takala","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Pyry Takala","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9901999831199646,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9901999831199646,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11326","display_name":"Stock Market Forecasting Methods","score":0.0038999998942017555,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00139999995008111,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-performance","display_name":"stock performance","score":0.6000000238418579},{"id":"https://openalex.org/keywords/investor-sentiment","display_name":"investor sentiment","score":0.7699999809265137},{"id":"https://openalex.org/keywords/news-volume","display_name":"news volume","score":0.6679999828338623},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.9520000219345093},{"id":"https://openalex.org/keywords/abnormal-volatility","display_name":"abnormal volatility","score":0.9929999709129333},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.9509999752044678},{"id":"https://openalex.org/keywords/earnings-announcements","display_name":"earnings announcements","score":0.8220000267028809},{"id":"https://openalex.org/keywords/s-p-100","display_name":"S&P 100","score":0.8650000095367432}],"concepts":[{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.6371183395385742},{"id":"https://openalex.org/C73555534","wikidata":"https://www.wikidata.org/wiki/Q622825","display_name":"Cluster analysis","level":2,"score":0.5981817841529846},{"id":"https://openalex.org/C66402592","wikidata":"https://www.wikidata.org/wiki/Q2271421","display_name":"Sentiment analysis","level":2,"score":0.5092204809188843},{"id":"https://openalex.org/C518677369","wikidata":"https://www.wikidata.org/wiki/Q202833","display_name":"Social media","level":2,"score":0.4917438328266144},{"id":"https://openalex.org/C79158427","wikidata":"https://www.wikidata.org/wiki/Q485396","display_name":"Analytics","level":2,"score":0.4748442471027374},{"id":"https://openalex.org/C2776224158","wikidata":"https://www.wikidata.org/wiki/Q187931","display_name":"Phrase","level":2,"score":0.46568623185157776},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4196073114871979},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4189722239971161},{"id":"https://openalex.org/C23123220","wikidata":"https://www.wikidata.org/wiki/Q816826","display_name":"Information retrieval","level":1,"score":0.36094868183135986},{"id":"https://openalex.org/C124101348","wikidata":"https://www.wikidata.org/wiki/Q172491","display_name":"Data mining","level":1,"score":0.360355406999588},{"id":"https://openalex.org/C2522767166","wikidata":"https://www.wikidata.org/wiki/Q2374463","display_name":"Data science","level":1,"score":0.33871790766716003},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.33077049255371094},{"id":"https://openalex.org/C204321447","wikidata":"https://www.wikidata.org/wiki/Q30642","display_name":"Natural language processing","level":1,"score":0.2823851704597473},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.2693817615509033},{"id":"https://openalex.org/C136764020","wikidata":"https://www.wikidata.org/wiki/Q466","display_name":"World Wide Web","level":1,"score":0.22745996713638306},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.16290539503097534},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.13186830282211304},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.108216792345047},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:2597925848","doi":null,"is_oa":false,"landing_page_url":"http://epub.lib.aalto.fi/fi/ethesis/pdf/13318/hse_ethesis_13318.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":306,"referenced_works":["https://openalex.org/W56743589","https://openalex.org/W74101598","https://openalex.org/W99991519","https://openalex.org/W124810223","https://openalex.org/W152976488","https://openalex.org/W158727920","https://openalex.org/W176770678","https://openalex.org/W656034280","https://openalex.org/W947236087","https://openalex.org/W1264111865","https://openalex.org/W1483854776","https://openalex.org/W1484799109","https://openalex.org/W1485812904","https://openalex.org/W1488781072","https://openalex.org/W1493117078","https://openalex.org/W1496268815","https://openalex.org/W1506153074","https://openalex.org/W1507663289","https://openalex.org/W1514244655","https://openalex.org/W1524486083","https://openalex.org/W1546425147","https://openalex.org/W1555136749","https://openalex.org/W1560849420","https://openalex.org/W1570260812","https://openalex.org/W1570553176","https://openalex.org/W1578360381","https://openalex.org/W1583657264","https://openalex.org/W1594128377","https://openalex.org/W1594183550","https://openalex.org/W1597217152","https://openalex.org/W1600999493","https://openalex.org/W1601629022","https://openalex.org/W1605065525","https://openalex.org/W1773016195","https://openalex.org/W1858818252","https://openalex.org/W1883896725","https://openalex.org/W1931449842","https://openalex.org/W1954347551","https://openalex.org/W1964357740","https://openalex.org/W1965256629","https://openalex.org/W1965761421","https://openalex.org/W1967516006","https://openalex.org/W1970037760","https://openalex.org/W1970295022","https://openalex.org/W1972159854","https://openalex.org/W1973293669","https://openalex.org/W1973813563","https://openalex.org/W1975140694","https://openalex.org/W1982228074","https://openalex.org/W1985349674","https://openalex.org/W1986601064","https://openalex.org/W1986646649","https://openalex.org/W1986721142","https://openalex.org/W1989285461","https://openalex.org/W1991008122","https://openalex.org/W1991139021","https://openalex.org/W1992700566","https://openalex.org/W1994958116","https://openalex.org/W1995834279","https://openalex.org/W2004822008","https://openalex.org/W2006568420","https://openalex.org/W2010997253","https://openalex.org/W2011696830","https://openalex.org/W2013860961","https://openalex.org/W2014902591","https://openalex.org/W2017211257","https://openalex.org/W2019939391","https://openalex.org/W2024140722","https://openalex.org/W2025925112","https://openalex.org/W2026432916","https://openalex.org/W2027047704","https://openalex.org/W2027371443","https://openalex.org/W2028211630","https://openalex.org/W2028421250","https://openalex.org/W2029056003","https://openalex.org/W2029538739","https://openalex.org/W2029745079","https://openalex.org/W2030765885","https://openalex.org/W2031786573","https://openalex.org/W2033020833","https://openalex.org/W2035416181","https://openalex.org/W2035683178","https://openalex.org/W2035876015","https://openalex.org/W2036941780","https://openalex.org/W2037745646","https://openalex.org/W2038224101","https://openalex.org/W2038621549","https://openalex.org/W2040689732","https://openalex.org/W2040983907","https://openalex.org/W2040993216","https://openalex.org/W2041946752","https://openalex.org/W2042223112","https://openalex.org/W2043087435","https://openalex.org/W2043525080","https://openalex.org/W2043787485","https://openalex.org/W2044758379","https://openalex.org/W2045416921","https://openalex.org/W2047134779","https://openalex.org/W2048658075","https://openalex.org/W2049400038","https://openalex.org/W2050643653","https://openalex.org/W2051411313","https://openalex.org/W2051689095","https://openalex.org/W2052111257","https://openalex.org/W2052398032","https://openalex.org/W2052758069","https://openalex.org/W2053154970","https://openalex.org/W2053848643","https://openalex.org/W2054479375","https://openalex.org/W2056046632","https://openalex.org/W2056246162","https://openalex.org/W2056819186","https://openalex.org/W2056936851","https://openalex.org/W2061592058","https://openalex.org/W2062476261","https://openalex.org/W2064067537","https://openalex.org/W2065627112","https://openalex.org/W2066949602","https://openalex.org/W2068518527","https://openalex.org/W2069544743","https://openalex.org/W2070729636","https://openalex.org/W2073528425","https://openalex.org/W2076538140","https://openalex.org/W2076585926","https://openalex.org/W2077877739","https://openalex.org/W2078236117","https://openalex.org/W2080450677","https://openalex.org/W2081432842","https://openalex.org/W2081717017","https://openalex.org/W2082276583","https://openalex.org/W2082291422","https://openalex.org/W2083148578","https://openalex.org/W2083257361","https://openalex.org/W2083697222","https://openalex.org/W2084050624","https://openalex.org/W2088556288","https://openalex.org/W2088782463","https://openalex.org/W2089556049","https://openalex.org/W2090386647","https://openalex.org/W2090637028","https://openalex.org/W2094583869","https://openalex.org/W2094863662","https://openalex.org/W2097152068","https://openalex.org/W2098793851","https://openalex.org/W2099837005","https://openalex.org/W2099884752","https://openalex.org/W2099994904","https://openalex.org/W2100056252","https://openalex.org/W2101309897","https://openalex.org/W2101755808","https://openalex.org/W2103679355","https://openalex.org/W2104795328","https://openalex.org/W2104796460","https://openalex.org/W2104964789","https://openalex.org/W2105705711","https://openalex.org/W2106284146","https://openalex.org/W2106798814","https://openalex.org/W2107638290","https://openalex.org/W2108014725","https://openalex.org/W2108818539","https://openalex.org/W2109047492","https://openalex.org/W2110496272","https://openalex.org/W2113305199","https://openalex.org/W2113687945","https://openalex.org/W2116239535","https://openalex.org/W2116277545","https://openalex.org/W2116347131","https://openalex.org/W2116988722","https://openalex.org/W2117449834","https://openalex.org/W2118052532","https://openalex.org/W2119659991","https://openalex.org/W2120357670","https://openalex.org/W2120646818","https://openalex.org/W2121565540","https://openalex.org/W2121606993","https://openalex.org/W2124369469","https://openalex.org/W2125512557","https://openalex.org/W2125520394","https://openalex.org/W2126165913","https://openalex.org/W2126640908","https://openalex.org/W2128475248","https://openalex.org/W2128633294","https://openalex.org/W2130041934","https://openalex.org/W2130360577","https://openalex.org/W2131050038","https://openalex.org/W2131773668","https://openalex.org/W2132138608","https://openalex.org/W2133049119","https://openalex.org/W2133122294","https://openalex.org/W2133396489","https://openalex.org/W2133469585","https://openalex.org/W2136047603","https://openalex.org/W2136408930","https://openalex.org/W2136410162","https://openalex.org/W2138053063","https://openalex.org/W2138293190","https://openalex.org/W2139113919","https://openalex.org/W2140334718","https://openalex.org/W2141673418","https://openalex.org/W2142242808","https://openalex.org/W2144487825","https://openalex.org/W2144810549","https://openalex.org/W2144846366","https://openalex.org/W2145046219","https://openalex.org/W2145107370","https://openalex.org/W2145685680","https://openalex.org/W2145964516","https://openalex.org/W2146930477","https://openalex.org/W2148111566","https://openalex.org/W2148402268","https://openalex.org/W2150552447","https://openalex.org/W2152136804","https://openalex.org/W2153051445","https://openalex.org/W2153920944","https://openalex.org/W2156909104","https://openalex.org/W2157323155","https://openalex.org/W2158480976","https://openalex.org/W2158810025","https://openalex.org/W2158880898","https://openalex.org/W2159322587","https://openalex.org/W2159345505","https://openalex.org/W2164320228","https://openalex.org/W2164646550","https://openalex.org/W2164866191","https://openalex.org/W2165892733","https://openalex.org/W2166215547","https://openalex.org/W2166245362","https://openalex.org/W2169158392","https://openalex.org/W2170468555","https://openalex.org/W2171353516","https://openalex.org/W2178223624","https://openalex.org/W2182417295","https://openalex.org/W2190850524","https://openalex.org/W2277255975","https://openalex.org/W2280331487","https://openalex.org/W2280886493","https://openalex.org/W2295694291","https://openalex.org/W2318395783","https://openalex.org/W2319031802","https://openalex.org/W2321648089","https://openalex.org/W2323266160","https://openalex.org/W2326894889","https://openalex.org/W2489977932","https://openalex.org/W2596621823","https://openalex.org/W2753533763","https://openalex.org/W2889836782","https://openalex.org/W2892285611","https://openalex.org/W2950310565","https://openalex.org/W2975308768","https://openalex.org/W3021264306","https://openalex.org/W3021558768","https://openalex.org/W3022375498","https://openalex.org/W3023512294","https://openalex.org/W3023906401","https://openalex.org/W3121295248","https://openalex.org/W3121302911","https://openalex.org/W3121518808","https://openalex.org/W3121788486","https://openalex.org/W3122094160","https://openalex.org/W3122118888","https://openalex.org/W3122186295","https://openalex.org/W3122205006","https://openalex.org/W3122260906","https://openalex.org/W3122563224","https://openalex.org/W3122578644","https://openalex.org/W3122597312","https://openalex.org/W3122757452","https://openalex.org/W3122799874","https://openalex.org/W3122838861","https://openalex.org/W3122842831","https://openalex.org/W3122843332","https://openalex.org/W3122890729","https://openalex.org/W3122935004","https://openalex.org/W3122944446","https://openalex.org/W3122993843","https://openalex.org/W3123005743","https://openalex.org/W3123110074","https://openalex.org/W3123343110","https://openalex.org/W3123502919","https://openalex.org/W3123519783","https://openalex.org/W3123601295","https://openalex.org/W3123753686","https://openalex.org/W3123792419","https://openalex.org/W3123897291","https://openalex.org/W3123912718","https://openalex.org/W3123947178","https://openalex.org/W3123970652","https://openalex.org/W3124176564","https://openalex.org/W3124300428","https://openalex.org/W3124570327","https://openalex.org/W3124655772","https://openalex.org/W3124986104","https://openalex.org/W3125297504","https://openalex.org/W3125360998","https://openalex.org/W3125388642","https://openalex.org/W3125554563","https://openalex.org/W3125591525","https://openalex.org/W3125688476","https://openalex.org/W3125780646","https://openalex.org/W3125903987","https://openalex.org/W3126053622","https://openalex.org/W3126080930","https://openalex.org/W3126100507","https://openalex.org/W3126127371","https://openalex.org/W3151910759","https://openalex.org/W4240307802"],"related_works":["https://openalex.org/W7001306489","https://openalex.org/W3198023632","https://openalex.org/W2258889010","https://openalex.org/W3174107957","https://openalex.org/W4392349082","https://openalex.org/W2076386123","https://openalex.org/W4214664395","https://openalex.org/W7118447245","https://openalex.org/W3017259365","https://openalex.org/W2099238550"],"abstract_inverted_index":{"PURPOSE":[0],"OF":[1],"THE":[2],"STUDY":[3],"Interest":[4],"towards":[5],"media":[6,55,70,75,314],"analytics":[7],"has":[8],"increased":[9],"significantly":[10],"by":[11,196,227,230],"both":[12,170],"practitioners":[13],"and":[14,32,117,130,192,198,224,229,239,300,320,336,349,352,356,368],"academia":[15],"alike.":[16],"The":[17],"hot":[18],"topic":[19],"is":[20,204],"whether":[21,36],"or":[22],"not":[23,317,329],"qualitative":[24,79,123],"texts":[25,80],"contain":[26],"information":[27,81],"relevant":[28],"to":[29,42,48,91,164],"stock":[30],"financials,":[31],"if":[33,287],"they":[34],"do,":[35],"the":[37,53,68,107,112,144,151,171,188,210,277,312],"impact":[38,54,321],"can":[39],"be":[40],"used":[41],"earn":[43],"abnormal":[44,337,350,357],"returns.":[45,338],"In":[46,162,303],"order":[47,163],"answer":[49],"this,":[50],"we":[51,86,125,168,186,208,259,284,309,327,340],"study":[52,104,156],"factors":[56,71,315],"have":[57],"on":[58,106],"financial":[59,322],"metrics":[60,323],"in":[61,72,206,212,216,235,249,324],"a":[62,73,83,88,120,138,193,242,253,264,342],"novel":[63,179],"specification":[64],"that":[65,272,286,311,361],"combines":[66],"all":[67],"major":[69,127],"holistic":[74],"model.":[76],"To":[77,251],"transform":[78],"into":[82],"\u201csentiment":[84],"score\u201d,":[85],"develop":[87],"new":[89],"methodology":[90,245],"estimate":[92,165],"sentiment":[93,335,355],"more":[94],"accurately":[95],"than":[96],"currently":[97],"prevailing":[98],"methods.":[99],"DATA":[100],"AND":[101],"METHODOLOGY":[102],"Our":[103],"focuses":[105],"S&P":[108],"100":[109],"constituents":[110],"between":[111,334,344,354],"time":[113],"period":[114],"of":[115,122,146,266,305],"2006":[116],"2011.":[118],"As":[119,201],"source":[121],"texts,":[124],"use":[126],"news":[128,347],"publications":[129],"earnings":[131],"announcements":[132],"retrieved":[133],"from":[134],"LexisNexis":[135],"-database":[136],"using":[137,157],"web":[139],"scraper":[140],"program":[141],"developed":[142],"for":[143,154],"purpose":[145],"this":[147],"study.":[148],"We":[149,232,270,359],"retrieve":[150],"financials":[152],"data":[153,203],"our":[155,178,202,213,236,257,261,306,362],"Thomson":[158],"Reuters":[159],"Datastream":[160],"-database.":[161],"investor":[166],"sentiment,":[167],"employ":[169,241,293],"customary":[172],"word":[173,184,280,289],"count,":[174,185],"as":[175,177,298],"well":[176],"Linearized":[180,273],"Phrase-Structure":[181,274],"-methodology.":[182],"For":[183],"test":[187],"Harvard":[189],"Psychological":[190],"-dictionary":[191],"finance-specific":[194],"dictionary":[195],"Loughran":[197,299],"McDonald":[199],"(2011).":[200,302],"panel":[205],"nature,":[207],"analyze":[209],"correlations":[211],"error":[214,237],"terms":[215,304],"line":[217],"with":[218,246,263],"Petersen":[219],"(2009),":[220],"first":[221],"without":[222],"clustering":[223,226,247],"then":[225],"firm":[228],"time.":[231],"find":[233,271,285,310,330,341],"time-effect":[234],"terms,":[238],"therefore":[240],"Fama-Macbeth":[243],"(1973)":[244],"done":[248],"quarters.":[250],"mitigate":[252],"methodological":[254],"choice":[255],"driving":[256],"results,":[258],"run":[260],"specifications":[262],"multitude":[265],"alternative":[267],"specifications.":[268],"RESULTS":[269],"(LPS)":[275],"outperforms":[276],"predominant":[278],"naive":[279],"count":[281],"methodology.":[282],"Also,":[283],"employing":[288],"counts,":[290],"researchers":[291],"should":[292],"context":[294],"dependent":[295],"dictionaries,":[296],"such":[297],"McDonald\u2019s":[301],"main":[307],"variables,":[308],"existing":[313],"are":[316],"mutually":[318],"exclusive,":[319],"chorus.":[325],"Alas,":[326],"do":[328],"statistically":[331],"significant":[332],"relationship":[333,343],"However,":[339],"aggregate":[345],"market":[346,372],"volume":[348],"returns,":[351],"also":[353],"volatility.":[358],"infer":[360],"findings":[363],"support":[364],"limited":[365],"attention":[366],"\u2013theory,":[367],"provide":[369],"evidence":[370],"against":[371],"efficiency.":[373]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2017-04-07T00:00:00"}
