دانلود رایگان مقاله انگلیسی اثرات نتیجه رسانه های جمعی در احساسات سرمایه گذار - الزویر 2017

Based on one set of micro-level survey data, we examine impacts of the mass media effect on investor sentiment. The financial information is distributed through three mass media channels. The study reveals that the mass media effect leads to investor sentiment fluctuation, and significantly affects investors’ trading decisions. Moreover, the impacts of media reports are asymmetric: in a rising market, investors pay more attention to optimistic reports and ignore those with a negative signal; by contrast, in a declining market, investors are more vulnerable to pessimistic reports, and reports with active information do not bring a significant effect.

4. Conclusion

This paper studies the impacts of media effect on investor sentiment in stock market. Based on a micro-level survey data from students with stock investment experience in xxx University, we adopt the binary Logit model for the empirical analysis. The following conclusions are drawn: First, the media effect in the production and dissemination of information may lead to fluctuation of investor sentiment, and attach a substantial influence on the investors’ trading decisions. Second, the impacts of mass media reports on the stock market are not symmetric. In a rising market, investors care more about the optimistic reports and ignore those with a negative and warning signal; in a declining market, investors are more likely to be affected by pessimistic reports, and active market reports do not have enough effect.