Media Information and Overtrading——An Empirical Study on Micro-Blog Posts, Industry News and Company Announcements
Cen Yonghua1(), Zhang Can1, Wu Chengyao2
1School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094, China 2College of Finance, Nanjing Agricultural University, Nanjing 210095, China
[Objective] This paper tries to discover the impacts of micro-blog posts, industry news and company announcements on investors’ overtrading. [Methods] We examined the variations of the abnormal stock turnover rates before and after information disclosure from different channels. [Results] Media information posed significant impacts on overtrading, including the insider effect, information disclosure effect and lasting effect before, during and after the disclosure. Besides, investors were more likely to overtrade once exposed to negative news than positive news. The limited attention, selective attention, and mood fluctuation, were correlated to the investors’ trading behaviors. [Limitations] The sample size could be expanded. Individual investors may not be aware of the findings. [Conclusions] Media information catalyzes the overtrading of irrational investors.
岑咏华, 张灿, 吴承尧. 媒介信息与投资者过度交易*——基于微博舆论、行业新闻与公司公告的实证[J]. 数据分析与知识发现, 2018, 2(4): 20-28.
Cen Yonghua,Zhang Can,Wu Chengyao. Media Information and Overtrading——An Empirical Study on Micro-Blog Posts, Industry News and Company Announcements. Data Analysis and Knowledge Discovery, 2018, 2(4): 20-28.
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