数字通信和知情交易：来自社交距离令的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-01-15 DOI:10.1016/j.frl.2025.106786

JinGi Ha

{"title":"数字通信和知情交易：来自社交距离令的证据","authors":"JinGi Ha","doi":"10.1016/j.frl.2025.106786","DOIUrl":null,"url":null,"abstract":"This study investigates the relationship between digital communication and the probability of informed trading (PIN). Using social distancing orders in March 2020 as an exogenous shock, this study identifies digital communication among market participants and finds that PIN significantly decreased after the social distancing orders became effective. Robustness tests at the state level and using an international sample further confirm the negative impact of digital communication on PIN. These findings suggest that the ongoing media transition from face-to-face to digital communication can negatively influence informed trading in financial markets.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"32 1","pages":""},"PeriodicalIF":7.4000,"publicationDate":"2025-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Digital communication and informed trading: Evidence from social distancing orders\",\"authors\":\"JinGi Ha\",\"doi\":\"10.1016/j.frl.2025.106786\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study investigates the relationship between digital communication and the probability of informed trading (PIN). Using social distancing orders in March 2020 as an exogenous shock, this study identifies digital communication among market participants and finds that PIN significantly decreased after the social distancing orders became effective. Robustness tests at the state level and using an international sample further confirm the negative impact of digital communication on PIN. These findings suggest that the ongoing media transition from face-to-face to digital communication can negatively influence informed trading in financial markets.\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"32 1\",\"pages\":\"\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2025-01-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1016/j.frl.2025.106786\",\"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://doi.org/10.1016/j.frl.2025.106786","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本研究探讨数位通讯与知情交易机率（PIN）之间的关系。本研究以2020年3月的保持社会距离令为外生冲击，识别市场参与者之间的数字通信，发现在保持社会距离令生效后，PIN显着下降。州一级的稳健性测试和使用国际样本进一步证实了数字通信对PIN的负面影响。这些发现表明，正在进行的媒体从面对面到数字通信的过渡可能会对金融市场的知情交易产生负面影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Digital communication and informed trading: Evidence from social distancing orders

This study investigates the relationship between digital communication and the probability of informed trading (PIN). Using social distancing orders in March 2020 as an exogenous shock, this study identifies digital communication among market participants and finds that PIN significantly decreased after the social distancing orders became effective. Robustness tests at the state level and using an international sample further confirm the negative impact of digital communication on PIN. These findings suggest that the ongoing media transition from face-to-face to digital communication can negatively influence informed trading in financial markets.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance