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中文摘要：
本文以富豪榜上榜事件为研究对象，探讨了媒体关注度高的股票的收益反而低于关注度低的股票这一“媒体效应”的产生原因，通过实证研究检验了基于传统金融理论的“风险补偿假说”和基于行为金融理论的“过度关注弱势假说”。研究结果显示，被报道股票在事件期内产生了负的超额收益，而通过倾向得分匹配算法构建的控制组股票超额收益并不显著，说明“风险补偿假说”不成立，“媒体效应”的来源并不是低关注股票的正收益。事件期内被关注股票的交易量显著放大，并且日历时间组合方法在事件日前得到了显著的正收益，在事件日后则转为显著的负收益，基本符合“过度关注弱势假说”。，‘
英文摘要：
This paper uses the stocks listed on richest list as research subject, discusses the reasons why media- effect occurs, which refers to the phenomenon that stocks with high media attention underperform those with lower media attention. The authors empirically test the ＂risk premium hypothesis＂ based on conventional fi- nance theory and ＂over-attention underperformance hypothesis＂ based on investor＇s limited attention from be- havioral finance theory. It is found that covered stocks show negative abnormal return in the event period, while the stocks in the control group constructed by propensity score matching （PSM） don＇t show significant abnormal return. This shows that ＂risk premium hypothesis＂ does not hold, media-effect does not come from the higher return of tbe stocks not covered. The trading volume within the event period is significantly enlarged, and the return from calendar time portfolio is significantly positive before the event day, but it turns negative afterward, which is basically consistent with the ＂over-attention underperformance hypothesis＂.
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