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Using Social Media & Sentiment Analysis to Make Investment Decisions

Hasselgren, Ben; Chrysoulas, Christos; Pitropakis, Nikolaos; Buchanan, William J.

Authors

Ben Hasselgren



Abstract

Making investment decisions by utilizing sentiment data from social media (SM) is starting to become a more tangible concept. There has been a broad investigation into this field of study over the last decade, and many of the findings have promising results. However, there is still an opportunity for continued research, firstly, in finding the most effective way to obtain relevant sentiment data from SM, then building a system to measure the sentiment, and finally visualizing it to help users make investment decisions. Furthermore, much of the existing work fails to factor SM metrics into the sentiment score effectively. This paper presents a novel prototype as a contribution to the field of study. In our work, a detailed overview of the topic is given in the form of a literature and technical review. Next, a prototype is designed and developed using the findings from the previous analysis. On top of that, a novel approach to factor SM metrics into the sentiment score is presented, with the goal of measuring the collective sentiment of the data effectively. To test the proposed approach, we only used popular stocks from the S&P500 to ensure large volumes of SM sentiment was available, adding further insight into findings, which we then discuss in our evaluation.

Journal Article Type Article
Acceptance Date Dec 20, 2022
Online Publication Date Dec 23, 2022
Publication Date 2023
Deposit Date Jan 2, 2023
Publicly Available Date Jan 4, 2023
Journal Future Internet
Publisher MDPI
Peer Reviewed Peer Reviewed
Volume 15
Issue 1
Article Number 5
Series ISSN 1999-5903
DOI https://doi.org/10.3390/fi15010005
Keywords social media, sentiment analysis, sentiment score, stock market, investment decisions
Public URL http://researchrepository.napier.ac.uk/Output/2988181

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