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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The Effect on Stock Markets of President Trump’s Tweets Regarding Covid-19 During a Global Pandemic: An Analysis of S&P 500 Performance Before and After Tweets Made by the U.S. President |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 32 |
| Date | 2020 |
| Abstract Text | This thesis measured the impact of President Donald Trump’s tweets about Covid-19 from January 1st to April 30th, 2020 on financial markets. These tweets included comments made by President Trump about Covid-19 on trading days when markets were open. President Trump’s impact was measured by aggregating average volume and returns of all S&P 500 stocks over 120-minute event windows surrounding each tweet. The dataset was split to consider actions taken by the Federal Reserve on April 9th which increased investor activity. My work found two things. First, President Trump’s tweets had a significant impact on markets in terms of average returns. However, these findings are mainly due to peak returns following huge market recoveries. Second, President Trump had a significant impact on average market volume over the event horizon – indicating investor disagreement and refuting previous literature of a representative trader with a single market view. |
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