说的少，得到的多？新闻话题集中度与股市反应

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-21 DOI:10.1016/j.frl.2025.107740

Rui Huang, Chongfeng Wu

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引用次数: 0

摘要

本文研究了新闻话题集中度（TCR）对中国股市的影响。实证结果表明，TCR与市场反应呈u型关系，市场反应受投资者关注的中介作用。低TCR时，信息歧义对注意的作用起补充作用。此外，当企业机构持股比例较低、信息不确定性较高、新闻来自国家控制的媒体时，TCR对股价的影响更大。此外，我们观察到u形模式在主导元主题中有所不同。我们的研究结果强调了整合到资产价格中的信息结构的重要性，并强调了记者作为关键信息中介的作用。

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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Tell less, get more? News topic concentration and stock market reaction

This paper examines the effect of news topic concentration (TCR) on Chinese stocks. Our empirical findings reveal a U-shaped relationship between TCR and market reaction, which is mediated by investor attention. Information ambiguity complements attention’s role at low TCR. Moreover, TCR has a greater effect on stock prices when firms have lower institutional ownership, higher information uncertainty, and when the news originates from state-controlled media. Additionally, we observe that the U-shaped patterns differ across dominant meta-themes. Our results highlight the importance of the structure of the information present in its integration into asset prices and emphasize the role of journalists as key information intermediaries.

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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