Beyond Correlation: Refutation-Validated Aspect-Based Sentiment Analysis for Explainable Energy Market Returns

arXiv cs.AI / 2026/3/24

💬 オピニオンSignals & Early TrendsIdeas & Deep AnalysisModels & Research

要点

  • The paper introduces a refutation-validated framework for aspect-based sentiment analysis in energy financial markets to overcome the weaknesses of purely correlational studies.
  • It uses X (formerly Twitter) data and applies a scoring pipeline (net-ratio scoring with z-normalization, OLS with Newey West HAC errors) to test sentiment–return relationships across multiple horizons.
  • Refutation testing methods (placebo checks, random common-cause tests, subset stability, and bootstrap) are used to identify which sentiment associations remain statistically robust.
  • Results across six energy tickers and one quarter show that only a few aspect-level associations survive all validation checks, with renewables exhibiting aspect- and horizon-specific response patterns.
  • The authors emphasize that the approach does not prove causality and is constrained by limited sample size, framing it as a methodological proof of concept for explainable, directionally interpretable signals.

Abstract

This paper proposes a refutation-validated framework for aspect-based sentiment analysis in financial markets, addressing the limitations of correlational studies that cannot distinguish genuine associations from spurious ones. Using X data for the energy sector, we test whether aspect-level sentiment signals show robust, refutation-validated relationships with equity returns. Our pipeline combines net-ratio scoring with z-normalization, OLS with Newey West HAC errors, and refutation tests including placebo, random common cause, subset stability, and bootstrap. Across six energy tickers, only a few associations survive all checks, while renewables show aspect and horizon specific responses. While not establishing causality, the framework provides statistically robust, directionally interpretable signals, with limited sample size (six stocks, one quarter) constraining generalizability and framing this work as a methodological proof of concept.

Beyond Correlation: Refutation-Validated Aspect-Based Sentiment Analysis for Explainable Energy Market Returns | AI Navigate