It’s more about the Content than the Users! The Influence of Social Broadcasting on Stock Markets

Janek Benthaus, Roman Beck

Research output: Conference Article in Proceeding or Book/Report chapterArticle in proceedingsResearchpeer-review


a large amount of stock-related information. This data is increasingly analyzed by research and practice to predict stock market developments. Insights from social broadcasting networks are used to support the decision-making process of investors and are integrated into automatic trading algorithms to react quickly to broadcasted information. However, a comprehensive understanding about the influence of social broadcasting networks on stock markets is missing. In this study, we address this gap by conceptualizing and empirically testing a model incorporating three dimensions of social broadcasting networks: users, messages, and discussion. We analyze 1.84 million stock-related Twitter messages concerning the S&P 100 companies between January and April 2014 and corresponding intraday stock market data from NYSE and NASDAQ. Our research model is constructed applying factor analyses and tested using a fixed effects panel analysis. The results show that the influence of social broadcasting on stock markets is driven by the message and discussion dimensions whereas the user dimension has no significant influence. Specifically, the influence of user mentions, financial sentiment, discussion reach, and discussion volume has the largest impact and should carefully be considered by investors making trading decisions.
Original languageEnglish
Title of host publicationECIS 2015 Completed Research Papers : Proceedings of the 23rd European Conference on Information Systems (ECIS); Muenster, Germany
PublisherAIS Electronic Library (AISeL)
Publication date2015
Article numberPaper 17
ISBN (Print)978-3-00-050284-2
Publication statusPublished - 2015
Event23rd European Conference on Information Systems - Fürstenberghaus, Münster, Germany
Duration: 3 Jun 20155 Sept 2015
Conference number: 23


Conference23rd European Conference on Information Systems
Internet address


  • Stock-related information
  • Social broadcasting networks
  • Stock market prediction
  • Twitter messages
  • Intraday stock data


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