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Does Partisanship Shape Investment Beliefs? Evidence from the Covid-19 Pandemic


October 21, 2020
3:00 PM - 4:00 PM

Webinar

Does Partisanship Shape Investment Beliefs? Evidence from the Covid-19 Pandemic

Partisanship has risen dramatically over the past several decades, and it has come to shape many aspects of our lives.  In this study, we investigate whether partisanship affects how investors form opinions in the stock market.  Specifically, we use party-identifying language—like “liberal media” and “MAGA”—to identify Republican users on the investor social platform StockTwits. Partisan Republicans remain relatively unfazed in their beliefs about equities during the COVID-19 pandemic, while other users become considerably more pessimistic. Looking at differences across stocks, 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.

Please register for this event and you will receive a calendar invite and access information the morning of the meeting.  

Speaker

Tony Cookson is an Associate Professor of Finance, Co-Director of the Center for Research on Consumer Financial Decision Making, and faculty director for the MS in Finance program at the Leeds School of Business, University of Colorado - Boulder.

Tony is a Montana native.  After earning his bachelor's degree in economics and master's degrees in Statistics and Applied Economics from Montana State University, he received his Ph.D. in Economics from University of Chicago.  He has been at University of Colorado since 2013.

His research is empirical and covers a wide range of topics in finance and economics.  His research makes use of unique data sets and empirical settings to study how households and corporations make financial decisions.  Through his research, Dr. Cookson has become an expert on the casino industry, the political economy of Native American reservations, and the consequences of the fracking revolution for households.  His research has been published in leading peer-reviewed journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, the Journal of Law and Economics, and Management Science.  He is an Associate Editor at the Financial Planning Review.

Tony co-organizes two prominent academic conferences: the Colorado Finance Summit, a selective academic finance conference held annually in Vail, Colorado, and the Boulder Summer Conference on Consumer Financial Decision Making, a highly-interdisciplinary conference facilitating discussion between academics, industry experts, and individuals from government.

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