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4 - News Analytics: Novelty, Narratives, and Nonroutine Change

from PART II - NEWS ANALYTICS AS A WINDOW INTO STOCK MARKET INSTABILITY

Published online by Cambridge University Press:  23 September 2021

Nicholas Mangee
Nicholas Mangee
Affiliation:
Georgia Southern University
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Summary

Why do researchers turn to unstructured financial text to better understand stock market behavior? How can stock market news reports help to reveal novel events and associated narratives while allowing for unanticipated change and true uncertainty? Chapter 4 discusses the particular features of textual analysis that are attractive to researchers investigating these questions. The benefits of soft information, broader and richer information sets, textual tone, unstructured data, and novel event identification are all discussed within a narratological framework. Focus will be paid to the textual data sources of stock market news reports released by Dow Jones, The Wall Street Journal, Barron's, MarketWatch, and Bloomberg News. Word clouds from Bloomberg News stock market wrap reports based on a lexicon dictionary of unique entities and nonrepetitive events for the last twenty-seven years are presented with accompanying histograms of event frequency. The chapter motivates the benefits from employing the RavenPack news analytics platform featured predominantly throughout the empirical analysis of Chapters 5 through 10 and 12.

Keywords

textual analyticsstock market newsBloomberg NewsDow Jonesstock market wrap reportsRavenPack News Analytics
Type
Chapter
Information
How Novelty and Narratives Drive the Stock Market
Black Swans, Animal Spirits and Scapegoats
 , pp. 91 - 124
Publisher: Cambridge University Press
Print publication year: 2021

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