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Does It Matter Where You Search? Twitter versus Traditional News Media
Author(s) -
MILAS COSTAS,
PANAGIOTIDIS THEODORE,
DERGIADES THEOLOGOS
Publication year - 2021
Publication title -
journal of money, credit and banking
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.763
H-Index - 108
eISSN - 1538-4616
pISSN - 0022-2879
DOI - 10.1111/jmcb.12805
Subject(s) - advertising , sovereignty , news media , bond , information flow , social media , political science , business , law , linguistics , philosophy , finance , politics
We compare news in Twitter with traditional news outlets and emphasize their differential impact on Eurozone's sovereign bond market. We reveal a two‐way information flow between Twitter's “Grexit” tweets and “Grexit” mentions in traditional news which suggests not only that both types of news serve as important empirical predictors for the sovereign bond market but also that the “old” (traditional news) and the “new” (Twitter) media are connected; however, the influence of Twitter on traditional news is stronger. Grexit tweets raise the Greek spread more than Grexit mentions in traditional news. Weak contagion effects are reported for Portugal and Ireland.