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Mass media effects on trading activities: television broadcasting evidence from Japan

机译：大众传媒对贸易活动的影响：日本的电视广播证据

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摘要

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.
机译：这项研究探讨了通过电视（TV）媒体传播的信息如何影响股票市场活动。与电视信息吸引投资者注意力的效果一致，我们发现通过电视增加的信息流与更大的交易量和更大的价格变化显着相关。对于信息类型，业务导向程序的硬新闻和与收益相关的新闻对注意力的影响很大，而软新闻的影响则较弱。随着更多电视信息流的竞价价差扩大，这表明新信息进入市场会扩大信息不对称性。最后，与拥有机构股东的个人股东相比，电视对拥有更多个人股东的股票的影响更大。

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