Media Frenzies in Markets for Financial Information
新兴股票市场偶尔出现价格飙升和跨市场价格离散，伴随大量媒体报道。本文提出信息市场互补性解释这些异常：信息固定成本高，高交易量使其便宜，低价促使投资者购买他人也买的信息，导致低信息低价格与高信息高价格均衡间的转换，类似狂热。
Emerging equity markets witness occasional surges in prices (frenzies) and cross-market price dispersion (herds), accompanied by abundant media coverage. An information market complementarity can explain these anomalies. Because information has high fixed costs, high volume makes it inexpensive. Low prices induce investors to buy information that others buy. Given two identical assets, investors learn about one; abundant information reduces its payoff risk and raises its price. Transitions between low-information/low-asset-price and high-information/high-asset-price equilibria resemble frenzies. Equity data and new panel data on news coverage support the model's predictions: Asset market movements generate news and news raises prices and price dispersion.