Mass media effects on trading activities: television broadcasting evidence from Japan
Mass media effects on trading activities: television broadcasting evidence from Japan
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DOI：
10.1080/00036846.2018.1458192
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发表时间：
2018-04
影响因子：
2.2
通讯作者：
Hiroyuki Aman;Norihiro Kasuga;H. Moriyasu
中科院分区：
文献类型：
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作者：
Hiroyuki Aman;Norihiro Kasuga;H. Moriyasu
摘要本研究探讨透过电视媒体的资讯传播如何影响股票市场活动。与电视信息吸引投资者注意力的效果一致，我们发现通过电视增加的信息流与更大的交易量和更大的价格变化显著相关。在信息类型上，商业类节目的硬新闻和与收入相关的新闻对注意效应的贡献较大，而软新闻的影响较弱。买卖价差扩大更多的电视信息流，这表明新的信息到达市场扩大了信息不对称。最后，电视的影响是更有影响力的股票有更多的个人股东比那些机构股东。
ABSTRACT This study examines how information broadcasting through television (TV) media influences stock market activities. Consistent with the effect of TV information to attract investor attention, we find that increased information flow through TV is significantly associated with greater trading volume and larger price change. For information type, hard news from business-oriented programmes and earnings-related news strongly contributes to the attention effect, while the effect of soft news is weaker. Bid–ask spread widens for more TV information flows, suggesting that new information arrival in the market expands information asymmetry. Finally, the impact of TV is more influential for stocks with more individual shareholders than those with institutional shareholders.