埃博拉病毒是否感染了市场:对(媒体)医疗危机的传染性反应?

Mary Funck, Jose A. Gutierrez
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引用次数: 15

摘要

我们考察了埃博拉头条新闻日对媒体关注的股票的影响。埃博拉新闻日(本质上是消极的或积极的)与交易量增加、股票交易量增加、美元交易量增加和股票周转率增加有关。对特定行业投资组合的OLS回归显示,航空公司、餐馆和游轮的回报在埃博拉新闻事件发生一天后出现逆转,这一结果与行为过度反应文献一致。经验性发现可以用来帮助市场参与者做好应对类似流行病的准备。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Has Ebola Infected the Market: A Contagious Reaction to a (Media) Health Care Crisis?
We examine the impact of Ebola headline news days on media-highlightedstocks. An Ebola news day (negative or positive in nature) is associated with increasedtrading, higher share volume, higher dollar volume, and increased share turnover.OLS regressions on industry-specific portfolios reveal that airline, restaurant, andcruise ship returns reverse themselves one day after the Ebola news event, a resultthat is consistent with behavioral overreaction literature. Empirical findings could beused to prepare market participants for analogous epidemics.
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