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, Francesco Bianchi Johns Hopkins University, NBER, and CEPR , USA Search for other works by this author on: Oxford Academic Roberto Gómez-Cram Send correspondence to Roberto Gómez-Cram, rg4811@stern.nyu.edu Search for other works by this author on: Oxford Academic Howard Kung London Business School and CEPR , UK Search for other works by this author on: Oxford Academic
The Review of Financial Studies, Volume 37, Issue 7, July 2024, Pages 2244–2272, https://doi.org/10.1093/rfs/hhae001
Published:
16 January 2024
Article history
Received:
03 May 2022
Editorial decision:
17 September 2023
Published:
16 January 2024
Corrected and typeset:
07 February 2024
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Francesco Bianchi, Roberto Gómez-Cram, Howard Kung, Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices, The Review of Financial Studies, Volume 37, Issue 7, July 2024, Pages 2244–2272, https://doi.org/10.1093/rfs/hhae001
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Abstract
We use a high-frequency identification approach to document that individual politicians affect asset prices. We exploit the regular flow of viewpoints contained in Congress members’ tweets. Supportive (critical) tweets increase (decrease) the stock prices of the targeted firm and the corresponding industry in minutes around the tweet. The bulk of the stock price effects is concentrated in the tweets revealing news about future legislative action. The effects are amplified around committee meeting days, especially when the tweet originates from committee members and influential politicians. Overall, we show that Congress members’ social media accounts are an important source of political news.
© The Author(s) 2024. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. [br]For permissions, please e-mail: journals.permissions@oup.com.
This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/pages/standard-publication-reuse-rights)
JEL
D72 - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior G14 - Information and Market Efficiency; Event Studies; Insider Trading
Editor: Lauren Cohen
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