Does investing based on news in public media influence individual stock returns?

General interest in the financial markets has risen rapidly in recent months in the wake of the high level of uncertainty associated with the current pandemic. More and more people are following the movements of shares and using various sources of information to do so. Especially on digital platforms - e.g. YouTube or Instagram - you can find more and more content dealing with the topic. But classic public media also regularly report on the markets or individual companies. This raises the...