Information demand during the COVID-19 pandemic

We investigate the demand for financial information during the initial months of the COVID-19 pandemic. Using Google search data for individual stocks, we show that the Abnormal Google Search Volume Index declined significantly between March and June of 2020. We find a similar effect around earnings...

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Detalles Bibliográficos
Autores principales: Dong, Hang, Gil-Bazo, Javier, Ratiu, Raluca Valeria
Formato: Online Artículo Texto
Lenguaje:English
Publicado: The Authors. Published by Elsevier Inc. 2021
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8529323/
http://dx.doi.org/10.1016/j.jaccpubpol.2021.106917
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author Dong, Hang
Gil-Bazo, Javier
Ratiu, Raluca Valeria
author_facet Dong, Hang
Gil-Bazo, Javier
Ratiu, Raluca Valeria
author_sort Dong, Hang
collection PubMed
description We investigate the demand for financial information during the initial months of the COVID-19 pandemic. Using Google search data for individual stocks, we show that the Abnormal Google Search Volume Index declined significantly between March and June of 2020. We find a similar effect around earnings announcements dates, which confirms that the demand for financial information by retail investors declined during the pandemic. Our results are indicative of potentially important consequences for information diffusion, price discovery and market efficiency under extreme uncertainty. We discuss possible explanations for these results.
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spelling pubmed-85293232021-10-21 Information demand during the COVID-19 pandemic Dong, Hang Gil-Bazo, Javier Ratiu, Raluca Valeria Journal of Accounting and Public Policy Article We investigate the demand for financial information during the initial months of the COVID-19 pandemic. Using Google search data for individual stocks, we show that the Abnormal Google Search Volume Index declined significantly between March and June of 2020. We find a similar effect around earnings announcements dates, which confirms that the demand for financial information by retail investors declined during the pandemic. Our results are indicative of potentially important consequences for information diffusion, price discovery and market efficiency under extreme uncertainty. We discuss possible explanations for these results. The Authors. Published by Elsevier Inc. 2021 2021-10-21 /pmc/articles/PMC8529323/ http://dx.doi.org/10.1016/j.jaccpubpol.2021.106917 Text en © 2021 The Authors Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Dong, Hang
Gil-Bazo, Javier
Ratiu, Raluca Valeria
Information demand during the COVID-19 pandemic
title Information demand during the COVID-19 pandemic
title_full Information demand during the COVID-19 pandemic
title_fullStr Information demand during the COVID-19 pandemic
title_full_unstemmed Information demand during the COVID-19 pandemic
title_short Information demand during the COVID-19 pandemic
title_sort information demand during the covid-19 pandemic
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8529323/
http://dx.doi.org/10.1016/j.jaccpubpol.2021.106917
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