The impact of internet articles on investor trading decisions by investor types: Evidence from Korean stock market

被引：0
|
作者：
Cho, Hyunkwon [1 ]
Choi, Ga-Young [2 ]
Lee, Joonil [3 ,4 ]
机构：
[1] Sungkyunkwan Univ, Seoul, South Korea
[2] City Univ London, London, England
[3] Kyung Hee Univ, Seoul, South Korea
[4] Kyung Hee Univ, Sch Management, 608 Orbis Hall, 26 Kyungheedae Ro, Seoul 02447, South Korea
来源：
FINANCE RESEARCH LETTERS | 2023年 / 56卷
关键词：
Internet articles; Social media; Blog; Information environment; Inquiry disclosure; Mandatory disclosure; Rumor; Investment decision; Institutional investors; Individual investors; INFORMATION; EXPERIENCE; WISDOM; CROWDS; NEWS;
D O I：
10.1016/j.frl.2023.104110
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of internet articles, such as blogs or internet community posts, on investors' trading decisions in response to uncertain news (i.e., rumors). Leveraging the unique disclosure requirement in Korea, which verifies rumors via firm disclosures, we are able to identify trading activities associated with rumors. We find that internet article coverage affects individual investors' decisions, but not those of institutional investors. Moreover, the postdisclosure returns deteriorate only for individual investors with internet article coverage. Overall, these results suggest that internet articles adversely affect individual investors' trading decisions on rumors, resulting in a wealth transfer from individual investors to institutional investors.
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页数：7
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