Abstract
We aim to develop a new index of stock BBS postings that is different from our bullish index. In our previous study, the contents of stock BBS postings are classified into two categories; i.e. the bullish postings and the bearish postings, and our bullish index is based on these categories. The results of recent study suggest that the contents of stock BBS postings may be represented by employing more than one index. To develop a new index, we use a morphological analysis and a PCA to analyze the contents of stock BBS postings. As results, we find a possibility of new index in that the principal components of the contents are correlated with the return of stock, and in that they are not correlated with our bullish index.
