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Summary statistics This table reports summary statistics (full sample average) on our main variables. The sample period is from January 1, 2017 to August 28, 2020. Music Sentiment is the weekly change in the stream-weighted average valence of the top-200 songs played on Spotify for a country (multiplied by 100). RET is the weekly stock market returns. VOL is the standard deviation of the daily stock market returns within the week.

Summary statistics This table reports summary statistics (full sample average) on our main variables. The sample period is from January 1, 2017 to August 28, 2020. Music Sentiment is the weekly change in the stream-weighted average valence of the top-200 songs played on Spotify for a country (multiplied by 100). RET is the weekly stock market returns. VOL is the standard deviation of the daily stock market returns within the week.

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This paper introduces a real-time, continuous measure of national sentiment that is language-free and thus comparable globally: the positivity of songs that individuals choose to listen to. This is a direct measure of mood that does not require us to pre-specify certain mood-affecting events, nor assume the extent of their impact on investors. We v...

Contexts in source publication

Context 1
... with high valence sound more positive (e.g., happy, cheerful, euphoric), while songs with low valence sound more negative (e.g., sad, depressed, angry). Table A1 reports the songs with the highest and lowest non-zero valance per country in our sample period. We then construct a stream-weighted average valence (henceforth SWAV) across the top-200 songs for each day d and country i as follows: ...
Context 2
... list of indices used for each country is given in Table A2 in the Appendix. Table 1 provides summary statistics by country on our music-based sentiment measure, market index returns and volatility. We winsorize all continuous variables in our study at the 2.5% and 97.5% levels similar to Da, Engelberg, and Gao (2015). ...
Context 3
... Table 1 here ...

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