Media heterogeneity and post-earnings announcement drift: evidence from China

被引：6
|
作者：
Guo, Ye [1 ]
Huang, Mengqi [1 ]
机构：
[1] Xiamen Univ, Sch Econ, Dept Finance, Xiamen, Fujian, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2019年 / 59卷 / 05期
基金：
中国国家自然科学基金;
关键词：
Media heterogeneity; Market-oriented media; Post-earnings announcement drift (PEAD); State-controlled media; STOCK-PRICES; SAMPLE SELECTION; CROSS-SECTION; INFORMATION; TRUST; CONSERVATISM; INVESTORS; RETURNS; NAIVE; POWER;
D O I：
10.1111/acfi.12570
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines how the Chinese stock market acts differently towards state-controlled and market-oriented media coverage. Using a setting of post-earnings announcement drift, we find that information from state-controlled media enters the stock price in a timelier manner, while the message from market-oriented media needs more time to get a response from investors. The effect is also influenced by whether the type of news coverage is good or bad. Our findings suggest that the capital market underreacts when good news is reported by the market-oriented media.
引用
收藏
页码：3223 / 3252
页数：30
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