Influence of Social Media over the Stock Market
使用logit模型和模糊集定性比较分析，研究了社交媒体情绪和投资者特征如何影响芝加哥期权交易所波动率指数（VIX），发现社交媒体情绪影响股市，且投资者类型（技术型与非技术型）与持仓期、经验等因素共同作用可避免市场风险上升。
ABSTRACT This research analyzes investors’ activity through social media and these media's influence over the Chicago Board Options Exchange Market Volatility Index (VIX) using a logit model and a fuzzy‐set qualitative comparative analysis (fsQCA). The logit results show that social media sentiment influences stock markets. Meanwhile, the fsQCA results show that the investors’ profile is important for explaining how social media influence the stock market. Particularly, holding period combined with experience in technical investors contributes to avoiding a raise in market risk, whereas for nontechnical investors message sentiment and experience form the combination that contributes to avoid a raise in market risk.