Media Sentiment and Price Run‐Ups
研究了金融媒体情绪在股价异常飙升中的作用，全球分析未发现媒体报道助长长期市场过度反应，支持媒体信息性假说。
ABSTRACT We empirically test competing hypotheses about the role of financial media sentiment in price run‐ups. Our global analysis of unusual price increases in stock market segments provides no evidence for long‐term market overreactions fuelled by media reporting. This assessment is further supported, among others, by the analysis of thematically focused articles, by the study of price discovery during media strikes as well as by the analysis of media sentiment in the context of twin stocks. Overall, our findings are consistent with the informative nature of the financial media.