دانلود رایگان مقاله انگلیسی اثرات رسانه های جمعی بر فعالیت های تجاری: مدارک پخش تلویزیونی از ژاپن - تیلور و فرانسیس 2018

ABSTRACT

This study examines how information broadcasting through television (TV) media influences stock market activities. Consistent with the effect of TV information to attract investor attention, we find that increased information flow through TV is significantly associated with greater trading volume and larger price change. For information type, hard news from business-oriented programmes and earnings-related news strongly contributes to the attention effect, while the effect of soft news is weaker. Bid–ask spread widens for more TV information flows, suggesting that new information arrival in the market expands information asymmetry. Finally, the impact of TV is more influential for stocks with more individual shareholders than those with institutional shareholders.

V. Conclusion

This study conducted empirical analysis to examine the determinants of trading activities in terms of mass media effects. In particular, we employed TV programme data along with corporate disclosure and newspaper coverage to test the investor attention hypothesis. The first and most important finding is that more TV information increases trading volume, in accordance with the argument that TV media coverage attracts investor attention and leads to active trading. In addition, stock price is changed significantly by greater TV programme coverage, indicating that information aired on TV has the effect of shifting equilibrium price even after controlling for other major information providers (e.g. corporate disclosure and newspaper media). We find no evidence for return reversal around TV information arrivals. This is interpreted as evidence that investor trading stimulated by TV information flows is unlikely to be overreaction.

Further, detailed investigations into TV contents reveal that information type appears to be important for the investor attention. Soft news that entails more entertainments has a less impact on trading activities, while traders are more responsive to hard information, which is conveyed by business-oriented TV programmes broadcast and contained in earnings-related news.

For market liquidity measures, increased TV coverage of a firm significantly widens the bid–ask spread. This supports the information risk premium expansion hypothesis that the inflow of news through TV provides an additional advantage to informed investors in interpreting information content. Finally, we provided evidence that the effects of TV on trading activities vary with shareholders’ identities. The media effect is significantly greater for stocks with more individual and less institutional shareholdings, suggesting that individuals are more influenced by TV media information due to the limited attention.

The insights we obtained in this study can be extended for other types of media in a broader way. Reflecting rapid growth of the Internet media, an increasing body of literature has explored investor attention through the Internet on financial markets over recent years. For example, several studies argue that social network services are useful for corporations to communicate with customers and investors (Blankespoor, Miller, and White 2014; Lee, Hutton, and Shu 2015). For future works, our finding on the comparison between hard and soft information could help understand better what type of information circulated through the Internet the investors utilize.