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題名:How Do Web Search Activity and Financial Media Coverage Affect Asset Pricing?
書刊名:財務金融學刊
作者:黃子倫陳妙玲 引用關係郭修仁賴冠伶 引用關係
作者(外文):Huang, Tzu-lunChen, Miao-lingKuo, Hsiou-jenLai,Kuan-ling
出版日期:2016
卷期:24:1
頁次:頁25-53
主題關鍵詞:網路搜尋活動媒體曝光度資產訂價投資人注意力Google搜尋量指數Web search activityMedia coverageAsset pricingInvestor attentionGoogle search volume index
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:9
  • 點閱點閱:169
本研究利用網路搜尋活動與財經媒體曝光度衡量投資人注意力,探討其對於資本市場中資 產訂價的影響。實證結果顯示,網路搜尋活動與財經媒體曝光度對於股票報酬有正向影響,而 此影響在金融危機期間較不顯著。本研究進一步利用中介分析,發現網路與財經媒體可能是不 同投資族群的資訊取得工具,可衡量不同族群的投資人注意力。
This study aims to investigate the impact of the Internet and the financial media on capital markets in terms of investor attention. Evidence shows that firms receiving more investor attention from the Internet possess higher stock returns. Larger firms are covered by more news stories than are smaller firms. However, medium-sized firms are found the most sensitive to the Internet and the financial media. Both web search activity and media coverage significantly affect stock returns, but their impacts are insignificant during financial crises. The mediation analysis indicates that the Internet and the financial media capture investor attention from different groups.
期刊論文
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研究報告
1.Da, Z.、Engelberg, J.、Gao, P.(2011)。In search of fundamentals。  new window
2.Mondria, J.、Wu, T.(2011)。Asymmetric Attention and Stock Returns。  new window
 
 
 
 
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