Twitter Investor Sentiment and Corporate Earnings Announcements

Nikolaos Karampatsas, Soheila Malekpourkolbadinejad, Andrew Mason, Christos Mavrovitis (Mavis)

Research output: Contribution to journalArticlepeer-review

5 Citations (Scopus)
26 Downloads (Pure)


We examine the impact of firm-specific investor sentiment (FSIS) on stock returns for negative and positive earnings surprises. Using a measure constructed from firm-specific tweets, we find that FSIS has a greater impact on stock returns for negative relative to positive earnings surprises. We further show that the impact of FSIS is greater for firms whose valuation is uncertain and difficult to arbitrage. Moreover, we provide evidence of return reversals over post-announcement periods. Our results highlight the importance of FSIS around earnings announcements.
Original languageEnglish
Pages (from-to)953-986
Number of pages34
JournalEuropean Financial Management
Issue number3
Early online date28 Jul 2022
Publication statusPublished - 1 Jun 2023

Bibliographical note

This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and
reproduction in any medium, provided the original work is properly cited. CC BY


  • Earnings surprises
  • Investor sentiment
  • Social Media
  • StockTwits
  • Twitter


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