The Impact of Twitter Economic Policy Uncertainty on Clean Energy Stocks
摘要
This study examines the effect of Twitter economic policy uncertainty (TEU) directed at the USA and China on clean energy stock prices using wavelet analysis. Using a sample period between 2011 and 2022, we investigate the coherence of the variables in a time–frequency space. Our results show that TEU has a significant impact on the prices of clean energy stocks. Furthermore, the relationship between TEU and clean energy stock prices is more pronounced at lower frequencies, indicating a long-term impact. We find that Chinese TEU has a positive relationship with clean energy stocks, while US TEU has a negative relationship. The results also indicate that the relationship between TEU and clean energy stocks was stronger during the COVID-19 pandemic. These findings provide important insights into the impact of social media and policy uncertainty on financial markets and highlight the importance of understanding the varying impacts of policy uncertainty depending on context.