政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/139774

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政大機構典藏 > 社會科學學院 > 經濟學系 > 期刊論文 > Item 140.119/139774

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题名:	Financial Transparency, Media Coverage, and Momentum in China
作者:	陳樹衡 Chen, Shu-Heng;Cao, Xia-Ping;Lin, Kun-Ben;Huang, Jing-Bo;Zhang, Yubing;Lin, Hung-Wen
贡献者:	經濟系
关键词:	Transparency; media coverage; momentum
日期:	2022-01
上传时间:	2022-04-11 13:22:47 (UTC+8)
摘要:	This paper digests the influences of financial transparency and media coverage in the Chinese stock market. In China, media performs under a regulatory system and media information is regarded as the direction of news. In addition, the Chinese market is dominated by retail investors and financial information is always manipulated, so the reliability of financial information is quite intriguing. The effect of ostensible financial information on the stock market through the media hype is a crucial issue. We employ media and transparency to analyze over 3,000 stocks in China. First of all, the Chinese stock market is characterized by significantly negative momentum profit and thus exhibits price reversal. However, when high media coverage and high transparency jointly come into play, the significantly negative momentum profit turns to be significantly positive. This dramatic change alters the price reversal to be price momentum. By contrast, low media coverage and low transparency still result in price reversal.
關聯:	Emerging Markets Finance and Trade, Vol.58, No.3, pp.625-637
数据类型:	article
DOI 連結:	https://doi.org/10.1080/1540496X.2020.1825936
DOI:	10.1080/1540496X.2020.1825936
显示于类别:	[經濟學系] 期刊論文

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