An empirical study on a diversity of transmission process of corporate information and stock price formation.

公司信息多元化传递过程与股票价格形成的实证研究

• 批准号: 23730318
• 负责人: AMAN Hiroyuki
• 金额: $ 2.58万
• 依托单位: Kwansei Gakuin University (2012-2013)Konan University (2011)
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Young Scientists (B)
• 财政年份: 2011
• 资助国家: 日本
• 起止时间: 2011 至 2013
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-23730318/
• 关键词: ファイナンス; 株式市場; 情報伝達

We examined the effects of diverse information transmissions on stock price formation. First, we find that corporate disclosure information tends to enhance return volatility while information flows from press media reduce volatility. Second, for the effect of television broadcasting on market liquidity, we find that information from TV widens bid-ask spread, consistent with the increased information asymmetry. TV information is likely to enhance depth measure, suggesting investor recognition effect for corporate information.

我们考察了不同的信息传递对股票价格形成的影响。首先，我们发现，公司披露的信息往往会提高收益的波动性，而来自新闻媒体的信息流会降低波动性。第二，对于电视广播对市场流动性的影响，我们发现来自电视的信息扩大了买卖价差，这与信息不对称的加剧是一致的。电视信息可能会增强深度度量，提示投资者对公司信息的认可效应。

项目成果

Volatility and Public Information Flows: Evidence from Disclosure and Media Coverage in the Japanese Stock Market

• DOI: 10.2139/ssrn.2220603
• 发表时间: 2015-11
• 期刊: Capital Markets: Asset Pricing & Valuation eJournal
• 作者: Hiroyuki Aman;H. Moriyasu

An analysis of the impact of media coverage on stock price crashes and jumps: Evidence from Japan

• DOI: 10.1016/j.pacfin.2013.02.003
• 发表时间: 2013-09-01
• 期刊: PACIFIC-BASIN FINANCE JOURNAL
• 影响因子: 4.6
• 作者: Aman, Hiroyuki

Mass media effects on stock market liquidity:Television broadcasting evidence from Japan

大众媒体对股市流动性的影响：来自日本的电视广播证据

• 作者: Aman;H.;and Moriyasu;H.;竹本亨;Satoshi Koibuchi;加島潤;Hiroyuki Aman (Hiroshi Moriyasuとの共同研究）;加島潤;Akihiro Suzuki (Kzuhito Ogawa);加島潤;Hiroyuki Aman
• 通讯作者: Hiroyuki Aman

Equity carve-outs and the parent-subsidiary structure in Japan

日本的股权剥离和母子公司结构

• 发表时间: 2013
• 作者: Satoshi Koibuchi;Tetsuji Okazaki;阿萬弘行・岡村秀夫
• 通讯作者: 阿萬弘行・岡村秀夫

Volatility and public information flows: Evidence from disclosure and media coverage in the Japanese stock market

• DOI: 10.1016/j.iref.2017.07.029
• 发表时间: 2017-09-01
• 期刊: INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
• 影响因子: 4.5
• 作者: Aman, Hiroyuki;Moriyasu, Hiroshi
• 通讯作者: Moriyasu, Hiroshi