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Das Google-Suchvolumen als Liquiditätsindikator des Aktienhandels: Evidenz aus dem weltweiten Agrarsektor
Pöppe, Thomas | Schiereck, Dirk | Zielinski, Frank
Credit and Capital Markets – Kredit und Kapital, Vol. 47 (2014), Iss. 4 : pp. 611–640
3 Citations (CrossRef)
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Dipl.-Wirtsch.-Inf. Thomas Pöppe, Technische Universität Darmstadt, Fachgebiet Unternehmensfinanzierung, Hochschulstr. 1, 64289 Darmstadt
Prof. Dr. Dirk Schiereck, Technische Universität Darmstadt, Fachgebiet Unternehmensfinanzierung, Hochschulstr. 1, 64289 Darmstadt
Frank Zielinski, Technische Universität Darmstadt, Hochschulstr. 1, 64289 Darmstadt
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Abstract
Google Search Volume as Proxy for Liquidity in Equity Trading: Evidence from the Global Agriculture Sector
Investors rely increasingly on the internet for their information research, in parallel to the use of traditional news channels. Accordingly, country-specific empirical evidence demonstrates that internet search activity has predictive power over future trading volume of listed stocks. This study analyzes the relationship of search volume and trading activity for the first time on a global scale and focused on one specific industry sector. Search volume should proxy for investors" attention especially in those branches with less than average attention from the public. Hence, we study the global agricultural sector. The results indeed support our hypothesis. Google search volume is not only highly correlated with illiquidity and trading activity but also has the largest predictive power when compared to other liquidity proxies.