The Journal of Financial Humor and Market Analysis
2024, Vol. 279, No. 8, 815-840

Copyleft 2024 by The Association for Financial Humor and Economic Research
S5215-7519(5892)2752-1 DOI: 19.1288/535532414726

The Insider Scoop: Money Stuff Articles and Banco Bilbao Vizcaya
Argentaria's Stock Price Dance
Catherine Hamilton, Alice Taylor, Gregory P Todd
Center for Sciences

This study delves into the relationship between the "Money Stuff" articles on insider trading on Bloomberg and the stock price of Banco Bilbao Vizcaya
Argentaria (BBVA). While financial analysts are often viewed as serious and uptight, we wanted to bring a bit of levity to the world of finance. Leveraging
data from Bloomberg and LSEG Analytics, we set out to uncover whether there was a tangible link between the humorous musings of columnist Matt Levine
in "Money Stuff" and the gyrations of BBVA's stock price. The results we found were nothing short of comically compelling. Our analysis revealed acorrelation coefficient of 0.9040128 and a statistically significant p-value of less than 0.01 for the period spanning 2014 to 2023. In other words, there seems
to be a strong relationship between the witty banter in Levine's articles and the movements in BBVA's stock price. To put it simply, it appears that whilesome may consider insider trading a serious matter, the stock market may have a sense of humor after all. So, the next time someone asks you why the stock
price of BBVA changed, you can confidently reply, "It's all in the Money Stuff!

Introduction
The world of finance often conjures images of starched suits,stern faces, and stock tickers flashing numbers faster than aparticle physicist can jot down a quantum equation. However, inthe midst of all the seriousness and number crunching, there
exists a beacon of levity – "Money Stuff" articles on Bloomberg
by the incomparable Matt Levine. In these articles, Levinemasterfully melds wit with astute financial insight, creating anoasis of humor in the desert of monetary musings. It is within
this unconventional realm of financial discourse that we set out
to uncover a connection that is as tantalizing as a freshly baked
pie chart – the relationship between "Money Stuff" articles about
insider trading and the stock price dance of Banco Bilbao
Vizcaya Argentaria, or as we like to affectionately refer to it, theBBVA boogie.
Our aim in this whimsical expedition was to blend the worlds offinancial analysis and entertainment, much like blending a fine
wine with a classic comedy – a pairing as surprising as a blackswan event in a field of white papers. Leveraging the wealth ofdata buried within Bloomberg and LSEG Analytics, weembarked on a statistical odyssey to ascertain whether there
exists a harmony between the clever quips in "Money Stuff" andthe jigs and jives of BBVA's stock price. After all, what could be
more thrilling than discovering that the heartbeat of the stock
market may be tuned to a comedic rhythm?
In this paper, we present our findings – a symphony of statistics,
a ballet of regressions, and a delightful waltz through the worldof financial humor. Our analysis uncovered a correlation
coefficient that could make even the most stoic of statisticians
crack a smile – a robust 0.9040128. Coupled with a p-value that
was as small as a molecule of financial data, our results suggest
a relationship between the musings of "Money Stuff" and thefluctuations in BBVA's stock price that is as clear as a bar chartin a well-lit room. In simpler terms, it appears that there might
be a hidden punchline to the enigma of insider trading and stock
prices, like a punchline lurking at the end of a complex financial
joke.
Through this research, we hope to inject a dash of humor into
the often dour landscape of financial analysis. We also aim toshed light on the quirky interplay between seemingly disparate
elements in our quest to unravel the mysteries of the stock
market. So, join us as we embark on this adventure into thenexus of finance and frivolity, where the only constants are
unpredictability and a good sense of humor. As Matt Levine
might say, "Let's march forth and make some joyful statisticalnoise!"

Review of existing research
The existing literature on the relationship between financial
news articles and stock prices provides a foundation forunderstanding the potential impact of media content on market
behavior. Smith, in "Financial Musings: A Comprehensive
Analysis," illustrates the influence of media narratives oninvestor sentiment and subsequent stock price movements.
Similarly, Doe's "Media Hype and Market Swipes" explores thelink between media coverage of financial events and their effecton market dynamics, offering insight into the interconnectednessof media discourse and stock price fluctuations. Furthermore,
Jones' work in "Insider Trading and Stock Reshuffling" delves
into the intricate world of insider trading and its potential impact
on stock prices, contributing to an understanding of the factors
at play in market movements.

This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-researchMoving beyond conventional academic studies, non-fiction
works such as "Flash Boys" by Michael Lewis and "The Big
Short" by Michael Lewis provide captivating accounts offinancial wheelings and dealings, offering a broader perspectiveon the multiple influences at play in stock market dynamics. On
the fictional side, novels such as "The Bonfire of the Vanities"
by Tom Wolfe and "American Psycho" by Bret Easton Ellispresent satirical portrayals of the financial world, inviting
readers to ponder the complexities and absurdities of high-stakes
finance.
While the literature provides valuable insights, it is essential torecognize the interplay between financial news, stock prices, andpopular culture. Memes such as "Bad Luck Brian" and "This Is
Fine" have become emblematic of the unexpected and often
humorous turns in life, mirroring the unpredictable nature offinancial markets and the occasional perplexing reactions tomarket events.
Now, with our focus on the symbiotic relationship between"Money Stuff" articles on insider trading and the stock price of
Banco Bilbao Vizcaya Argentaria (BBVA), we aim to add atouch of whimsy to the scholarly discourse, much like a clown ata financial summit. Thus, we embark on a journey to merge
financial analysis with comedic contemplation in our quest to
uncover the merry antics of market trends and financial folly.

tailored suit and as resilient as the stock market after a turbulent
trading day. Our regression models not only considered theoverall tone and content of the Money Stuff articles but also
factored in the daily stock price movements, incorporating alevel of financial comedy nuance that could rival a stand-up
routine in a packed auditorium.
To ensure the robustness of our findings, we performed a batteryof diagnostic tests, scrutinizing our models with as muchintensity as an overzealous accountant scrutinizes expense
claims. This allowed us to confidently affirm the statisticalsignificance of our results, offering insights as captivating as a
Shakespearean soliloquy and as enlightening as a tell-all
financial memoir.
In summary, our methodology combined the precision of aquantitative approach with the whimsy of financial humor,
creating a blend as unexpected as a punchline at an earnings call.
Our aim was not just to uncover correlations, but to offer a
glimpse into the exuberant world where finance and mirthintersect, where the only currency is laughter and the only trade
is in smiles. So, join us as we delve into the delightful realm offinancial whimsy, where the results are as captivating as a welltimed joke and as revealing as a candid interview with a CEO
after earnings season.

Findings
Procedure
In order to untangle the comedic web of insider trading articles
and stock price, our research team embarked on a daring and,dare I say, hilarious journey of data collection and analysis. We
gathered data from various sources, including the holy grail offinancial wit – Bloomberg's "Money Stuff" articles, and paired itwith stock price information for Banco Bilbao Vizcaya
Argentaria (BBVA) from 2014 to 2023, sourced primarily from
Bloomberg and LSEG Analytics (Refinitiv). Our method can be
aptly summarized as a blend of statistical rigor and whimsy,
much like trying to balance a budget while simultaneously
concocting a financial dad joke.
To assess the relationship between the Money Stuff articles andBBVA's stock price, we started by meticulously tracking not justthe number of articles mentioning insider trading, but also thefrequency of puns, the snark level, and the abundance offinancial jargon cleverly disguised as jests. To quantify the stock
price movements, we engaged in a theatrical performance ofdata scraping and cleansing, ensuring that the price data was as
pure as a well-aged bottle of financial speculation.

The analysis of the relationship between Bloomberg Money
Stuff articles about insider trading and Banco Bilbao Vizcaya
Argentaria's stock price (BBVA) from 2014 to 2023 yielded acorrelation coefficient of 0.9040128, with an r-squared value of
0.8172392 and a p-value less than 0.01. The results indicate aremarkably strong and statistically significant association
between the whimsical insights of "Money Stuff" and thefinancial rollercoaster that is BBVA's stock price. It's as if every
pun in Levine's articles was echoing through the stock market,
causing waves of laughter and price changes simultaneously.
Notably, Figure 1 depicts a scatterplot that beautifully
encapsulates the harmonious dance between Money Stuff and
BBVA stock price. It's almost as if the data points were doing
the salsa, perfectly synchronized to the rhythm of Levine's
tongue-in-cheek commentaries.
In essence, our findings leave little room for doubt: there's acorrelation more compelling than a Shakespearean tragedy
unfolding in the stock market. So, the next time someone
questions the link between financial humor and stock prices, you
can confidently respond with, "Oh, it's all in the Money Stuff!"

Once the data was assembled, we employed a truly
revolutionary mix of statistical techniques that would make eventhe most conservative of econometricians do a double take. Our
first step involved calculating the correlation coefficient between
the frequency of insider trading-related Money Stuff articles andthe daily stock prices of BBVA. This involved a series ofcalculations that were as complex as a financial derivative andas intricate as a Fibonacci sequence hidden in an earnings report.
Following this, we subjected the data to a rigorous regression
analysis, which involved fitting models as elegant as a well-This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-researchMoreover, our discoveries resonate with Doe's exploration ofmedia coverage and market dynamics, affirming that the
influence of financial news on stock price movements is not amere fairy tale. It’s almost as if our findings are the Cinderellaslipper that perfectly fits the existing literature.
In a similar vein, Jones' work on insider trading and stock
reshuffling has found harmony with our results, as if they were apair of lovebirds chirping away in the scientific cacophony offinancial analysis. It's as if our data is telling us, "Don't be astatistic - join the scientific party and boogie with us!"Figure 1. Scatterplot of the variables by year
The robustness of these results is not to be underestimated. They
stand as a testament to the unexpected interplay between
financial discourse and market dynamics, a relationship that's asenigmatic as the quest to find a statistically significant result inan ocean of noisy data. It's as if the data were whispering jokes
to each other, and the stock prices were merely responding withlaughter.
These findings not only shed light on the peculiar marriage offinancial humor and market movements but also open the door
to a new way of interpreting and perhaps predicting stock pricefluctuations. Who knew that behind all the market buzz andtrading drama lurked the subtle comedy of Bloomberg's Money
Stuff?
Our results offer a fresh perspective on the often serious andintense domain of financial analysis. They invite us to ponder
the untold anecdotes hidden within stock charts and financial
reports, suggesting that perhaps the stock market isn't so serious
after all. It's as though every stock trade carries with it apunchline waiting to be discovered, much like uncovering astatistically significant result in a sea of random variation.
In closing, the data not only speak for themselves but seem to be
cracking a few jokes along the way. The connection between
Money Stuff and BBVA's stock price is no mere coincidence; it's
the punchline to a financial case of mistaken identity.

Discussion
The results of our study provide compelling evidence of a
substantial relationship between Bloomberg's Money Stuff
articles and the stock price of Banco Bilbao Vizcaya Argentaria(BBVA). Our findings add a touch of whimsy to the often staidworld of financial analysis, akin to discovering a clown nose in asea of business suits.
Leveraging data that would make even Shakespeare blush withenvy, our correlation coefficient of 0.9040128 and a statisticallysignificant p-value of less than 0.01 dance hand in hand withprior research. This echoes Smith's elucidation of media
narratives and investor sentiment, showing that when it comes tostock prices, the pen might just be mightier than the sword.

The synergy between "Money Stuff" articles and the jazzy
movements of BBVA's stock price is nothing short of comicallycompelling. The data seems to be pulling off the ultimate magic
trick, making statistics and stock prices perform a delightful duetthat would leave even the most serious of financial analysts
chuckling with glee.
In essence, our findings not only corroborate prior research but
also add a playful pirouette to the discourse on financial news
and stock prices. It's as if our results are whispering, “Who says
financial analysis can't have a sense of humor? It's all in the
data!" So, the next time you ponder the enigma of market
movements, remember - there's more to finance than numbers;
there's a punchline waiting to be discovered!

Conclusion
In conclusion, our study has unearthed a connection between thewhimsical world of "Money Stuff" and the boogie of Banco
Bilbao Vizcaya Argentaria's stock price that is as undeniable as
the allure of a data-driven joke. The correlation coefficient of
0.9040128 practically waltzed its way into our statistical hearts,
leaving us no choice but to acknowledge its presence with achuckle and a tip of the statistical hat.
The p-value, lounging comfortably beneath the threshold of
0.01, adds a touch of statistical drama to this comedic saga, akinto a perfectly timed punchline in a stand-up routine. It's asthough the data were conspiring to tell us, "There's no such thing
as a free lunch or a stock price without a sense of humor!"
Our findings, much like a good joke, offer an unexpected twist
to the narrative of financial analysis. They suggest that behindthe serious facade of stock prices and insider trading, there
exists a whimsical undercurrent, a hidden symphony of jest andjive.
It's safe to say that this research has added a dash of mirth to the
traditionally solemn halls of financial discourse. As the curtain
falls on this statistical spectacle, we find ourselves waving
goodbye to further investigations into this humorous pairing.
After all, in the words of Matt Levine, "All good statistical puns
have already been taken. They just lack statistical significance!"
No further research is needed in this area; the connection
between Money Stuff and BBVA's stock price has been
unraveled, leaving us with a statistical punchline that resonates
through the financial cosmos. It's time to bid adieu to thiscomedic grace note in the symphony of finance and move on toThis paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-research

our next research endeavor, which will hopefully be equallyentertaining and enlightening.

This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-research