How the emotional tone of financial disinformation influences investment behaviour
研究发现金融虚假信息比真实信息情绪更正面，导致散户更愿意投资该股票；提醒投资者关注情绪来源可降低受骗风险。
Despite a significant increase in the number of independent self-investors and their vulnerability to financial disinformation, research on how financial disinformation can influence investment behaviour is scarce. To bridge that gap, this research utilizes a combination of integrated secondary datasets and two lab experiments to demonstrate that (1) financial disinformation features a more positive emotional tone than real financial information; (2) this difference in emotional tone results in consumers displaying a greater willingness to invest in a stock; and (3) making the source of consumers’ mood salient reduces their susceptibility to financial disinformation. Theoretical contributions and especially practical implications are discussed to help reduce the spread and potency of financial disinformation.