Media Platforms and Stock Performance

IF 4.5 3区管理学 Q1 INFORMATION SCIENCE & LIBRARY SCIENCE

Journal of Global Information Management Pub Date : 2022-01-01 DOI:10.4018/jgim.315611

Xiaoman Jin, Jun Wang, Jinghua Tan, Qing Li

引用次数: 1

Abstract

Media-aware stock performance has been well recognized in recent studies. Previous research, however, focused on the content influence of the media, ignoring the manner in which the media is delivered. Based on the trust theory, this study argues that the media platforms, as media distribution vehicles and trust endorsement for news, are themselves influential on the stock market. This paper collected news data from seven Chinese mainstream media platforms and classified them into official, professional, and mass media platforms to investigate the impact of different platforms. The authors find that high official and professional media coverage predict increased abnormal returns, while high mass media coverage predicts the opposite. In addition, this paper systematically explores the mechanism of media platforms on stock performance from the perspectives of platform content, audience, and publication timeliness. The findings include that investors' attention to media platforms has a moderating effect on the stock performance, and such an effect is more salient in bear markets.

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媒体平台与股票表现

媒体意识的股票表现在最近的研究中得到了很好的认可。然而，以前的研究侧重于媒体的内容影响力，而忽略了媒体的传播方式。基于信任理论，本研究认为，媒体平台作为媒体传播工具和新闻的信任背书，本身对股票市场具有影响力。本文收集了七个中国主流媒体平台的新闻数据，并将其分为官方、专业和大众媒体平台，以调查不同平台的影响。作者发现，高官方和专业媒体报道预测异常回报增加，而高大众媒体报道预测相反。此外，本文还从平台内容、受众和发布时效等角度系统地探讨了媒体平台对股票业绩的影响机制。研究结果表明，投资者对媒体平台的关注对股票表现具有调节作用，这种作用在熊市中更为显著。

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

Journal of Global Information Management INFORMATION SCIENCE & LIBRARY SCIENCE-

CiteScore

5.80

自引率

14.90%

发文量

118

期刊介绍： Authors are encouraged to submit manuscripts that are consistent to the following submission themes: (a) Cross-National Studies. These need not be cross-culture per se. These studies lead to understanding of IT as it leaves one nation and is built/bought/used in another. Generally, these studies bring to light transferability issues and they challenge if practices in one nation transfer. (b) Cross-Cultural Studies. These need not be cross-nation. Cultures could be across regions that share a similar culture. They can also be within nations. These studies lead to understanding of IT as it leaves one culture and is built/bought/used in another. Generally, these studies bring to light transferability issues and they challenge if practices in one culture transfer.