Google search volume index and investor attention in stock market: a systematic review

被引：5

作者：

Ayala, Maria Jose ^{[1
]}

Gonzalvez-Gallego, Nicolas ^{[1
]}

Arteaga-Sanchez, Rocio ^{[2
]}

机构：

[1] Catholic Univ Murcia, Fac Business & Econ, Campus Jeronimos, Guadalupe 30107, Murcia, Spain

[2] Univ Seville, Dept Business Adm & Mkt, Ramon y Cajal Ave 1, Seville 41018, Spain

来源：

FINANCIAL INNOVATION | 2024年 / 10卷 / 01期

关键词：

Google Trends; GSVI; Investor attention; Stock market forecasting; INFORMATION DEMAND; RETURN; VOLATILITY; INTERNET; INTENSITY; LIQUIDITY; IMPACT; MODEL;

D O I：

10.1186/s40854-023-00606-y

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study systematically reviewed the literature on using the Google Search Volume Index (GSVI) as a proxy variable for investor attention and stock market movements. We analyzed 56 academic studies published between 2010 and 2021 using the Web of Sciences and ScienceDirect databases. The articles were classified and synthesized based on the selection criteria for building the GSVI: keywords of the search term, market region, and frequency of the data sample. Next, we analyze the effect of returns, volatility, and trading volume on the financial variables. The main results can be summarized as follows. (1) The GSVI is positively related to volatility and trading volume regardless of the keyword, market region, or frequency used for the sample. Hence, increasing investor attention toward a specific financial term will increase volatility and trading volume. (2) The GSVI can improve forecasting models for stock market movements. To conclude, this study consolidates, for the first time, the research literature on GSVI, which is highly valuable for academic practitioners in the area.

引用

页数：29

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