The liquidity effect of media coverage: International evidence1

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-06-19 DOI:10.1016/j.pacfin.2025.102852

Thi Hong Hanh Huynh, Tung Lam Dang

引用次数: 0

Abstract

We examine the media coverage–stock liquidity relation and its variation across country-level institutional environments. We utilize a comprehensive data set of firm-level media coverage across 44 countries for the period 2000–2020, and identify that media coverage is positively associated with stock liquidity. Additionally, the positive association between media coverage and stock liquidity is more pronounced among firms with less transparent information environment and lower firm visibility. Our cross-country analysis suggests that the liquidity-enhancing effect of media coverage is stronger for firms in countries with weaker institutional characteristics. These findings further elucidate the role of the media in international stock markets.

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媒体报道的流动性效应：国际证据

我们研究了媒体报道-股票流动性关系及其在国家层面制度环境中的变化。我们利用了2000-2020年期间44个国家的公司层面媒体报道的综合数据集，并确定媒体报道与股票流动性呈正相关。此外，媒体报导与股票流动性之间的正相关关系，在资讯环境较不透明、企业能见度较低的企业中更为明显。我们的跨国分析表明，在制度特征较弱的国家，媒体报道对企业的流动性增强作用更强。这些发现进一步阐明了媒体在国际股票市场中的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.