News and the stock market reactions: a comparative study of investor types

2016 Fiscal Year Final Research Report

• Project/Area Number: 26380415
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Kwansei Gakuin University
• Principal Investigator: AMAN Hiroyuki 関西学院大学, 商学部, 教授 (70346906)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 投資家行動 / 情報伝達 / 株価形成 / マスメディア

Outline of Final Research Achievements

This program examined stock market responses to various types of information flows to clarify differences of investment behaviors across investor types. Primarily we found that information flows via television broadcasting and corporate advertisings is significantly associated with more trading, consistent with the investor attention effect. This suggests that, in addition to hard corporate information as earnings, soft information targeting a broad scope of audience affects decision makings of investors.

Free Research Field

ファイナンス