The value of online investor relations under COVID-19: Evidence from investor interactive platforms in China

被引：2
|
作者：
Zhang, Xiaoqing [1 ]
机构：
[1] Capital Univ Econ & Business, Coll Business Adm, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 56卷
基金：
中国国家自然科学基金;
关键词：
Online investor relations; Individual investors; Investor interactive platforms; COVID-19; Cumulative abnormal return;
D O I：
10.1016/j.frl.2023.104146
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using the COVID-19 crisis as a quasi-natural experiment, this study explores the value of online investor relations (OIR) on the official investor interactive platforms (IIPs). The results show that OIR are positively associated with stock returns during the crisis. This indicates that firms with high level of OIR are more immune to the COVID-19 shock and outperform in the period following the shock. Furthermore, the "value protection" effect of OIR is more obvious for firms located in non-Hubei and surrounding provinces, and those with low visibility, such as small-cap firms and young firms.
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页数：6
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