Pessimismo e incerteza das notícias e o comportamento dos investidores no Brasil

IF 0.5 4区 管理学 Q4 BUSINESS
Fernando Caio Galdi, Arthur Martins Gonçalves
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引用次数: 6

Abstract

How investors impound qualitative information released by the media into prices, especially in a less efficient market such as Brazil, helps understand the types of news most sensitive to investors. This study investigates the relationship between the content of the daily editions of specialized financial media in Brazil, captured by a metric of textual tone, and returns and volatility of market indices. Our database contains 1,237 daily editions of the newspaper “Valor Economico,” between 01/02/2012 and 12/30/2016. The results indicate that the market put more weight on the words “uncertainty” and “negative” in the news. “Uncertainty" has negative relation to current market-returns and weak evidence that news with “negative” terms have positive associations with current market-volatility. The evidences obtained point to the existence of informative content in the news published by the specialized media in Brazil, especially with the words “negative” and “uncertainty.”
巴西投资者对新闻和行为的悲观和不确定性
投资者如何将媒体发布的定性信息转化为价格,尤其是在巴西这样一个效率较低的市场,有助于理解对投资者最敏感的新闻类型。本研究调查了巴西专业金融媒体每日版本的内容之间的关系,通过文本语气度量,以及市场指数的回报和波动性。从2012年2月1日到2016年12月30日,我们的数据库包含1237份每日版本的《Valor Economico》报纸。结果表明,市场对“不确定性”和“负面”这两个词的权重更大。“不确定性”与当前市场回报率呈负相关,而带有“负面”术语的新闻与当前市场波动性呈正相关的证据也很弱。所获得的证据表明,巴西专业媒体发布的新闻中存在信息性内容,特别是“负面”和“不确定性”等字眼。
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
CiteScore
1.30
自引率
12.50%
发文量
78
审稿时长
32 weeks
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