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Volume 27, Number 1, 2025
Volume 27, Number 1, 2025
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Home / Archives / All Issues / Volume 21, Number 2, 2019
Volume 21, Number 2, 2019 << Back
Journal of Economics and Development, Vol. 21 No. 2, pp. 191-212 | DOI 10.1108/JED-07-2019-0017

Stock market activity and Google Trends: the case of a developing economy

Vinh Xuan Bui; Hang Thu Nguyen

Abstract:

Purpose
The purpose of this paper is to investigate the impacts of investor attention on stock market activity.

Design/methodology/approach
The authors employed the Google Search Volume (GSV) Index, a direct and non-traditional proxy for investor attention.

Findings
The results indicate a strong correlation between GSV and trading volume – a traditional measure of attention – proving the new measure’s reliability. In addition, market-wide attention increases both stock illiquidity and volatility, whereas company-level attention shows mixed results, driving illiquidity and volatility in both directions.

Originality/value
To the best of the authors’ knowledge, Nguyen and Pham’s (2018) study has been the only previous study identifying investor attention in Vietnam by using GSV as a proxy and examining the impacts of broad search terms about the macroeconomy on the stock market as a whole – on stock indices’ movements. The paper will contribute to this by quantifying GSV impacts on each stock individually.

Keywords:Google Trends, Search engine, Investor attention, Stock illiquidity, Stock volatility
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