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讲座日期：
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2009年12月25日（星期五）上午9:30-11:00
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讲座地点：
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柳林校区通博楼207
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讲座标题：
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【经管院系列讲座第109期】Media Coverage, Stock Price Informative ness and Investor Trading Behavior: Evidence from China
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讲座教授：
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香港理工大学助理教授 Stephen Gong
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讲座介绍：
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Media Coverage, Stock Price Informativeness and Investor Trading Behavior: Evidence from China1（with Ferdinand A. Gul）
Abstract
This paper examines the role of the financial news media in the emerging stock market of China during the period 2000-2006. We focus on the impact of news coverage on the extent to which share prices incorporate firm-specific relative to marketwide information, and the impact of news coverage on investor trading behavior. The empirical validity and explanatory power of a comprehensive measure of news coverage that takes into account both the quantity and the quality of news reports is compared with that of an alternative measure based on a simple frequency count of news reports. The key finding from this study is that more media coverage is associated with higher stock price informativeness and higher levels of stock market participation. This relationship holds irrespective of how media coverage is measured. Further tests aim to assess the relative importance of the quantity of news coverage and the quality of news coverage. The bulk of the empirical evidence suggests that relative to the quality of news coverage, the quantity of news coverage has a greater and more consistent impact on stock price informativeness and propensity to trade. Nevertheless, the quality of news coverage does matter.
Files/Media Coverage, Stock Price Informativeness and Trading December 2009 Gongand Gul(1).pdf
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