Dynamic Cross-Correlation between Online Sentiment and Stock Market Performance: A Global View

Table 2

Average value of scaling cross-correlation exponents for the stock market returns and online sentiment in developed and developing countries.

Q	Developed countries		Developing countries
	−10	0.6630	0.8555	0.8045	1.0520
−9	0.6562	0.8520	0.7976	1.0478
−8	0.6487	0.8482	0.7899	1.0432
−7	0.6405	0.8441	0.7814	1.0383
−6	0.6317	0.8396	0.7723	1.0329
−5	0.6222	0.8346	0.7626	1.0270
−4	0.6121	0.8289	0.7526	1.0202
−3	0.6014	0.8218	0.7424	1.0119
−2	0.5900	0.8125	0.7320	1.0012
−1	0.5782	0.7997	0.7220	0.9864
0	0.5668	0.7816	0.7141	0.9656
1	0.5583	0.7569	0.7130	0.9356
2	0.5564	0.7249	0.7270	0.8932
3	0.5628	0.6873	0.7588	0.8384
4	0.5738	0.6485	0.7962	0.7788
5	0.5838	0.6124	0.8261	0.7235
6	0.5901	0.5814	0.8453	0.6767
7	0.5931	0.5557	0.8564	0.6388
8	0.5937	0.5349	0.8622	0.6083
9	0.5928	0.5179	0.8648	0.5839
10	0.5912	0.5040	0.8657	0.5640
(q < 0)	0.0848	0.0559	0.0825	0.0656
(q > 0)	0.0354	0.2528	0.1526	0.3716
(all)	0.1066	0.3515	0.1526	0.4880