The effects of social media sentiment on stock price : a study of the Canadian energy sector
department or school: Forestry, Faculty of
data provider: DSpace
degree campus: UBCV
creator: Corry, Diego
issued: 2024-07-02T16:20:41Z
issued: 2024
related degree: Master of Science - MSc
degree grantor: University of British Columbia
description: This thesis investigates the intricate relationship between digital discourse, specifically social media sentiment, and stock price within the Canadian oil and gas industry from 2020-2021. The research comprises two distinct yet complementary studies that collectively shed light on the complex dynamics at play. The first study examines the predictive capacity of non-financial Twitter sentiment on stock prices across nine prominent Canadian oil and gas companies. Employing Granger causality tests, the findings reveal no significant influence of social media sentiment on stock prices within the sample. This contradicts previous studies suggesting a predictive relationship and highlights the potential dominance of market-level sentiment over individual company sentiment, as well as the diminished impact of non-financial discourse on investor decisions. The study bolsters past research which indicates the diminishing power of external stakeholders over firms in the digital era. The second study delves deeper into the relationship between digital discourse and stock price, focusing on Enbridge Inc. and TC Energy Corp. Granger causality tests reveal statistically significant forecasting abilities of Twitter sentiment on stock prices during shortened timeframes surrounding peak Twitter volume dates for these two companies. However, qualitative analysis suggests that stock price movement may be affected more by traditional media coverage than social media sentiment. The findings suggest that the impact of digital discourse on stock price may be company-specific and depend on the nature and intensity of the discourse. Nationally viewed political events or controversies appear to be potential catalysts for movement on stock prices. Additionally, specific RepRisk categories related to environmental, social, and governance (ESG) factors were shared between Enbridge and TC Energy, indicating their potential salience in this relationship.
aggregated CHO: https://circle.library.ubc.ca/rest/handle/2429/88547
note: THE EFFECTS OF SOCIAL MEDIA SENTIMENT ON STOCK PRICE: A STUDY OF THE CANADIAN ENERGY SECTOR by Diego Corry B.A. (with Distinction), The University of British Columbia, 2022 A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE in THE FACULTY OF GRADUATE AND POSTDOCTORAL STUDIES (Forestry) THE UNIVERSITY OF BRITISH COLUMBIA (Vancouver) June 2024 © Diego Corry, 2024 ii The following individuals certify that they have read, and recommend to the Faculty of Graduate and Postdoctoral Studies for acceptance, the thesis entitled: The effects of social media sentiment on stock price: a study of the Canadian energy sector_____ Submitted by ___Diego Corry________ in partial fulfillment of the requirements for the the degree of __Master of Science__________________________________________________ in ____Forestry_________________________________________________________________ Examining Committee: Hamish van der Ven, Assistant Professor, Forestry, UBC________________________________ Supervisor Fred Cutler, Associate Professor, Political Science, UBC________________________________ Supervisory Committee Member Rajat Panwar, Professor, Forestry, Oregon State University______________________________ Supervisory Committee Member Gary Bull, Professor, Forestry, UBC________________________________________________ Additional Examiner iii Abstract This thesis investigates the intricate relationship between digital discourse, specifically social media sentiment, and stock price within the Canadian oil and gas industry from 2020-2021. The research comprises two distinct yet complementary studies that collectively shed light on the complex dynamics at play. The first study examines the predictive capacity of non-financial Twitter sentiment on stock prices across nine prominent Canadian oil and gas companies. Employing Granger causality tests, the findings reveal no significant influence of social media sentiment on stock prices within the sample.…
has type: Thesis/Dissertation
date issued: 2024-11
is shown at: 10.14288/1.0444062
language: eng
degree discipline: Forestry
provider: Vancouver : University of British Columbia Library
publisher: University of British Columbia
rights: Attribution-NoDerivatives 4.0 International
rights URI: http://creativecommons.org/licenses/by-nd/4.0/
scholar level: Graduate
contributor: Ven, Hamish van der
type: Text
identifier URI: http://hdl.handle.net/2429/88547