Media coverage and stock liquidity: Evidence from China

被引：2
|
作者：
Huang, Can [1 ]
Huang, Hung-Yi [2 ]
Ho, Kung-Cheng [3 ,4 ]
机构：
[1] Guangdong Univ Technol, Sch Management, Guangzhou, Peoples R China
[2] Soochow Univ, Dept Business Adm, Taipei, Taiwan
[3] Guangdong Univ Finance & Econ, Inst Reg Finance, Ctr Sci Finance & Ind, Pearl River Delta Collaborat Innovat, Guangzhou, Guangdong, Peoples R China
[4] Zhongnan Univ Econ & Law, Zhongnan, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 89卷
基金：
中国国家社会科学基金;
关键词：
Media coverage; Stock liquidity; Information environment; Adverse selection; Information asymmetry; CRASH RISK EVIDENCE; INSTITUTIONAL OWNERSHIP; INVESTOR ATTENTION; FOREIGN EXPERIENCE; BUSINESS PRESS; INFORMATION; EXPOSURE; POWER;
D O I：
10.1016/j.iref.2023.07.085
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effect of media coverage on stock liquidity in the Chinese stock market. Media coverage has a significant positive effect on stock liquidity. Media coverage improves stock liquidity by improving the information environment and reducing adverse selection by investors. The positive impact of media coverage on stock liquidity weakens for firms in a more transparent information environment. The positive association is more evident in firms with more First News. Finally, the positive effect of media coverage on stock liquidity weakens when investor sentiment is high, when there are more professional investors in the stock market, and when company stocks are more attractive to investors. Overall, this study enriches relevant research on China's capital market and provides additional insights into the role of media in stock liquidity.
引用
收藏
页码：665 / 682
页数：18
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