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Google search volumes and the financial markets during the COVID-19 outbreak

Author

Listed:
  • Michele Costola

    (Université de Venise Ca’ Foscari | Università Ca’ Foscari di Venezia)

  • Matteo Iacopini

    (LUISS - Libera Università Internazionale degli Studi Sociali Guido Carli [Roma])

  • Carlo Romano Marcello Alessandro Santagiustina

    (médialab - médialab (Sciences Po) - Sciences Po - Sciences Po, University of Ca’ Foscari [Venice, Italy])

Abstract

During the outbreak of the COVID-19, concerns related to the severity of the pandemic have played a prominent role in investment decisions. In this paper, we analyze the relationship between public attention and the financial markets using search engine data from Google Trends. Our findings show that search query volumes in Italy, Germany, France, Great Britain, Spain, and the United States are connected with stock markets. The Italian Google Trends index is found to be the main driver of all the considered markets. Furthermore, the country-specific market impacts of COVID-19-related concerns closely follow the Italian lockdown process.

Suggested Citation

  • Michele Costola & Matteo Iacopini & Carlo Romano Marcello Alessandro Santagiustina, 2021. "Google search volumes and the financial markets during the COVID-19 outbreak," SciencePo Working papers Main hal-05031929, HAL.
    • Handle: RePEc:hal:spmain:hal-05031929
    DOI: 10.1016/j.frl.2020.101884
    as

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