{"title":"公司违规、传统媒体和股票回报:来自中国上市公司的证据","authors":"","doi":"10.1016/j.frl.2024.106051","DOIUrl":null,"url":null,"abstract":"<div><p>This paper investigates whether traditional media still influences investors’ behaviors amid the rise of social media. Using a dataset of corporate violations by Chinese listed companies from 2005 to 2023, the study assesses the role of news reports in shaping investor reactions to these negative events. The results show that news coverage, even when unrelated to violations and carrying positive sentiment, amplifies the initial impact of corporate violations on stock prices. This effect is increasingly pronounced, particularly for firms with low transparency. The results indicate that traditional media attracts investors’ attention despite the proliferation of diverse information sources.</p></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Corporate violations, traditional media and stock returns: Evidence from Chinese listed companies\",\"authors\":\"\",\"doi\":\"10.1016/j.frl.2024.106051\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper investigates whether traditional media still influences investors’ behaviors amid the rise of social media. Using a dataset of corporate violations by Chinese listed companies from 2005 to 2023, the study assesses the role of news reports in shaping investor reactions to these negative events. The results show that news coverage, even when unrelated to violations and carrying positive sentiment, amplifies the initial impact of corporate violations on stock prices. This effect is increasingly pronounced, particularly for firms with low transparency. The results indicate that traditional media attracts investors’ attention despite the proliferation of diverse information sources.</p></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-08-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S154461232401081X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S154461232401081X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Corporate violations, traditional media and stock returns: Evidence from Chinese listed companies
This paper investigates whether traditional media still influences investors’ behaviors amid the rise of social media. Using a dataset of corporate violations by Chinese listed companies from 2005 to 2023, the study assesses the role of news reports in shaping investor reactions to these negative events. The results show that news coverage, even when unrelated to violations and carrying positive sentiment, amplifies the initial impact of corporate violations on stock prices. This effect is increasingly pronounced, particularly for firms with low transparency. The results indicate that traditional media attracts investors’ attention despite the proliferation of diverse information sources.
期刊介绍:
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