According to the report, which analysed search engine queries between 2004 and the present day, transaction volumes belonging to firms within S&Pâs 500 correlated with weekly search volumes for the same company names.
If a firm showed growing numbers of transaction volumes, then this coincided with an increase in Google search entries for their name, the study suggested.
Daniel Reith, a researcher from Johannes Gutenberg University Mainz, Germany, said: âThus, search volume data seems to coincide with the attractiveness of trading a stock"
Tobias Preis, another author of the study, added: âBoth collective 'swarm intelligence' of internet users and financial market participants can be regarded as a complex system of many interacting subunits that react quickly to external changes.â
However, further findings from the research revealed there to be no connection between fluctuations in stock prices and search volumes.
The study was undertaken by scientists in both Germany and at the Boston University in the US.
By Jim Ottewill