کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5102307 1479847 2017 39 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Media sentiment and trading strategies of different types of traders
ترجمه فارسی عنوان
احساسات و استراتژی های تجاری رسانه های مختلف از معامله گران مختلف
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper investigates how the prevailing sentiment conveyed by the media influences trading by retail and institutional traders around earnings announcements made by ASX200 constituent firms. We find that media sentiment influences institutional traders to overreact to earnings news measured by analyst forecast errors. In contrast, retail traders are indifferent to either positive or negative unexpected earnings in the presence of media sentiment. Further analysis reveals that their trading decisions are affected by media sentiment alone, independent of the earnings surprise. We also find that firm-specific media sentiment complements market-wide sentiment by providing timelier information to investors in shaping their perceptions of unexpected earnings in the Australian market.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Pacific-Basin Finance Journal - Volume 44, September 2017, Pages 160-172
نویسندگان
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