There are numerous technical reasons why such an analysis might malfunction.
However, none of them need be invoked here because the authors make a much more basic statistical blunder, that of not correcting for multiple hypothesis testing.
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The second 'finding’ of Bollen is that of purported statistical significance in a Granger causality test.
This is supposed to establish the ability of raw Twitter mood data to forecast changes in the DJIA index.
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