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| Title: | 宏觀經濟事件下公眾注意力與金融市場反應：來自日本與美國Google趨勢的實證分析
Public Attention and Financial Market Reactions to Macroeconomic Events: Evidence from Google Trends in Japan and the United States |
| Authors: | 澤竜輝
Sawa, Tatsuki |
| Contributors: | 朱琇妍
Chu, Shiou-Yen
澤竜輝
Sawa, Tatsuki |
| Keywords: | Google趨勢
投資人注意力
宏觀經濟事件
行為財務學
市場反應
Google Trends
Investor Attention
Macroeconomic Events
Behavioral Finance
Market Reaction |
| Date: | 2025 |
| Issue Date: | 2025-08-04 14:17:49 (UTC+8) |
| Abstract: | 本論文運用 Google 趨勢（Google Trends）資料，探討日本與美國在重大宏觀經濟事件（如央行會議與CPI公布）期間，公眾關注度與金融市場反應之間的關係。透過分析事件前後的搜尋量變化，研究旨在量化投資人注意力，並評估其對資產價格變動（包含匯率、股票指數與公債殖利率）的預測能力。事件研究法的實證結果顯示，尤其是在日本，針對直觀且具政策相關性的關鍵字之搜尋活動，能作為市場反應的領先指標。這可能與日本市場資訊傳遞較慢、散戶參與度較高的特性有關。本研究指出，數位注意力資料中所蘊含的行為信號，有助於理解市場如何處理經濟資訊，並對行為財務學、注意力資產定價理論及資訊經濟學領域提供實質貢獻。
This thesis investigates the relationship between public attention and financial market reactions to major macroeconomic events in Japan and the United States by utilizing Google Trends data. By analyzing changes in search volumes surrounding central bank meetings and CPI announcements, the study aims to quantify investor attention and examine its predictive power for asset price movements across exchange rates, stock indices, and government bond yields. A series of event-study regressions reveal that Google search activity—particularly for intuitive and policy-relevant keywords—can serve as a leading indicator of market responses, especially in Japan, where information diffusion is slower and retail investor participation is higher. The findings suggest that behavioral signals embedded in digital attention data provide valuable insights into how markets process economic information, contributing to the fields of behavioral finance, attention-based asset pricing, and information economics. |
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| Description: | 碩士
國立政治大學
應用經濟與社會發展英語碩士學位學程(IMES)
112266009 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112266009 |
| Data Type: | thesis |
| Appears in Collections: | [應用經濟與社會發展英語碩士學位學程 (IMES)] 學位論文
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