欢迎您！东篱公司
退出
-
申报数据库
-
立项数据库
-
成果数据库
-
项目获奖数据库
中文摘要：
媒体报道对股票市场的影响已经得到研究者的广泛认可,通过影响投资者关注程度影响其投资行为是一个可能的机制,但是注意力效应的难以分离和注意力的难以量化是相关研究的重要障碍。本文通过一个证券市场实验对投资者关注程度进行了定量测量,并且通过新闻内容的设置使其不含有任何企业价值信息从而确保实验中所观测到的是纯粹的注意力效应。进而检验了媒体报道对投资者关注和后续投资行为的影响,发现媒体报道的数量与投资者关注程度显著正相关,从交易行为上来看,媒体报道更多也即投资者关注度更高的股票获得了更多的交易资金、其成交量也显著高于关注度低的股票,说明媒体报道作为注意力配置机制确实影响着投资者的行为。
英文摘要：
It is widely recognized that media reports affect stock markets. There will be a likely mechanism in which media reports change investors behavior by affecting their attention. However, the difficulties in separating attention effect and measure attention are blocking studies on this topic. This study uses a security market experiment to measure investor attention, then further tests the effect of media reports on investor attention and follow-up investment behavior. It is found that the number of media reports is positively related tO investor attention significantly. Highly covered stocks are assigned more funds and have significantly higher trading volume. It is confirmed that media reports affect investor behavior as an attention allocation mechanism.
同期刊论文项目
同项目期刊论文
The Effect of Differentiated Margin on Futures Market Investors’ Behavior and Structure: An Experime
Multiple Large Shareholders Structure and Good Governance: The Roles of Shareholder Numbers, Control
Political Connections and Capital Allocation Efficiency of Chinese Listed Companies through Bond Fin
期刊信息
位置：