Does It Matter Where You Search? Twitter versus Traditional News Media

Abstract

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.

The many faces of social media in business and economics research: Taking stock of the literature and looking into the future

“…Whereas some research suggests that traditional news media contain genuine news and precede social media signals that, in turn, seem to repeat and discuss the traditional news’ information (Jiao et al., 2020; Peng, Zhang, et al., 2022), other research finds a two‐way flow whereby the influence of social media information on traditional media is stronger than vice versa (Milas et al., 2021). However, in the former evidence, certain traders view repeated social media signals as genuine new information and trade on them, which is consistent with a “correlation neglect” or “echo chamber” effect interpretation (Jiao et al., 2020, p. 64).…”

Sticky Stock Market Analysts

“…That alone will presumably not suffice to generate reliable stock market forecasts: they will also need to work hard on the quality of their approaches to forecasting. To this end, a variety of interesting approaches are already discussed in the literature, e.g., economic forecasts based on newspaper texts or news from online media and attention to news events (Milas et al 2021;Kalamara et al 2020;Ben-Rephael et al 2017). If analysts want to significantly improve the reliability of their forecasts, there is no alternative but to change their overly cautious, highly conservative, and thus inflexible attitudes.…”

Framing a Movement: Media Portrayals of the George Floyd Protests on Twitter

“…One other point of observation in this effort: it would appear that the Twitter platform continues to serve as a relevant source of news and information for the public. And an increasing body of scholastic work supports the idea that Twitter serves as a frequent news source by news organizations, journalists, and news consumers alike (Milas et al, 2021; Moon & Hadley, 2014; Rosenstiel et al, 2015). While Facebook is still the most widely used social media platform with 2.9 billion monthly active users (Dixson, 2022) and Instagram is exploding in popularity (Schaffer, 2022), 55% of Twitter users regularly use the social media platform to get news (Walker & Matsa, 2021).…”