HODL: The Hold of Reddit Over the Stock Market

A. M.Muntasir Rahman, Ajim Uddin, Guiling Grace Wang

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

WallStreetBets (WSB) became the center of attention among all the social media outlets following the Gamestop short squeeze incident in 2021. Naturally, this raises scientific queries about how much WSB has since sustained its influence on the stock market. With Reddit and other social media networks, prior efforts have concentrated on evaluating textual sentiment impacts using lexical or conventional machine-learning approaches. However, the natural language processing landscape has evolved remarkably with the introduction of large-scale language models, and it remains to be seen how much these models can help scrutinize Reddit's impact on the market participant. This research offers a BERT-based sentiment scoring approach tailored specifically for the text used in Reddit's wallstreetbets community. We anticipate that this will encourage future studies in financial literature to use pre-trained language models for text analysis.

Original languageEnglish (US)
Title of host publicationProceedings - 2023 IEEE 39th International Conference on Data Engineering Workshops, ICDEW 2023
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages36-39
Number of pages4
ISBN (Electronic)9798350322446
DOIs
StatePublished - 2023
Event39th IEEE International Conference on Data Engineering Workshops, ICDEW 2023 - Anaheim, United States
Duration: Apr 3 2023Apr 7 2023

Publication series

NameProceedings - 2023 IEEE 39th International Conference on Data Engineering Workshops, ICDEW 2023

Conference

Conference39th IEEE International Conference on Data Engineering Workshops, ICDEW 2023
Country/TerritoryUnited States
CityAnaheim
Period4/3/234/7/23

All Science Journal Classification (ASJC) codes

  • Information Systems and Management
  • Statistics, Probability and Uncertainty
  • Management Information Systems
  • Artificial Intelligence
  • Computer Networks and Communications
  • Information Systems
  • Decision Sciences (miscellaneous)

Keywords

  • BERT
  • Reddit
  • Sentiment scoring
  • WSB

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