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Does Partisanship Shape Investor Beliefs? Evidence from the COVID-19 Pandemic #MMPMIDC7543633
Cookson JA; Engelberg JE; Mullins W
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We use party-identifying language?like ?liberal media? and ?MAGA??to identify Republican users on the investor social platform StockTwits. Using a difference-in-difference design, we find that partisan Republicans remain relatively unfazed in their beliefs about equities during the COVID-19 pandemic, while other users become considerably more pessimistic. In cross-sectional tests, we find Republicans become relatively more optimistic about stocks that suffered the most during the COVID-19 crisis, but more pessimistic about Chinese stocks. Finally, stocks with the greatest partisan disagreement on StockTwits have significantly more trading in the broader market, explaining 28% of the increase in stock turnover during the pandemic.