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While we find a significant and positive relationship between Reddit posts and various trading measures in the following 30-min window in accordance with an attention-based mechanism, our results offer no indication for the informativeness of Reddit posts and hint at a complex and probably nonlinear interdependence between Social-media and trading activity, preventing proof of a one-directional, causal effect. Using financial data, as well as an extensive dataset of Reddit posts, we provide empirical evidence for the relationship of Reddit posts and GameStop (retail) trading. in trading volume of GameStop is unprecedented. While Social Media-organized trading is not a new phenomenon, the magnitude of the resulting swings in the share price and surge. Many observers attributed this broadly covered rise to retail investors, organizing themselves in Reddit's WallStreetBets community. In January 2021, the stock price of NASDAQ-listed GameStop Corporation surged more than twenty-fold for no discernible economic reason. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923.
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This book was originally published by Macmillan in 1936. We highlight the importance for the regulators to consider limiting some predatory short-selling practices, namely “naked” short selling, as excessive short selling may move the market towards inefficiency. Our results also reveal a positive relationship between the GameStop returns and the short sales volume during the GameStop episode, confirming the short squeeze phenomenon.
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The put–call ratio strongly and positively affects the GameStop returns prior to the peak of the GameStop saga, being one of the drivers of the January skyrocketing prices. The documented impacts of media-driven sentiment suggest that regulators and policymakers should continuously monitor the investing groups on social media platforms as they can create inefficiency in the market. By means of the wavelet coherence approach, we study the relationship between the GameStop returns and the sentiment driven pricing, as described by the following indicators: twitter publication count, news publication count excluding twitter, put–call ratio, and short-sale volume.