دانلود رایگان مقاله لاتین قیمت سهام و مقالات روزنامه از سایت الزویر
عنوان فارسی مقاله:
عقب رفتن؟ احساسات در مقالات روزنامه ها و قیمت سهام در هلند
عنوان انگلیسی مقاله:
Lagging behind? Emotions in newspaper articles and stock market prices in the Netherlands
سال انتشار : 2016
برای دانلود رایگان مقاله قیمت سهام و مقالات روزنامه اینجا کلیک نمایید.
بخشی از مقاله انگلیسی:
2. Theoretical framework
While representatives of the efficient market hypothesis (EMH) have downplayed the impact of media coverage on the financial market vehemently in the past (Fama, 1965), behavioral economics and behavioral finance (Nofsinger, 2005) have put the EMH in question and showed that the stock market can indeed be predicted to a certain extent, and partly by media coverage (Tetlock, 2007). The reason media are presumed to affect the stock market is given by investors who do not act fully rationally when making trading decisions, but are triggered by herd behavior (Oberlechner & Hocking, 2004). Herd behavior on financial markets implies that decisions taken by investors are less based on the actual value of a stock, but rather on the consensus opinion; thus, what they believe other traders might sell or buy (Prechter, 2001). Here, media are allocated a crucial role, as media sources (e.g., financial news) often report to reflect the consensus market opinion (Davis, 2006). In addition, various scholars have stressed the interdependent relationships between leading news media, financial journalists, investor relationship practices, and financial analyst. For example, by employing a Delphi methodology, Laskin (2011) found that one of the four key areas for practitioners in investor relations is to enhance analyst coverage about the company (cf. stock) they are working for. 2.1. Media attention Building on the theory of herd behavior, it is likely that the attention media devote to specific stocks influences investors’ trading decisions. According to Shiller (2000), attention created through the media increases investors’ interest in those stocks, leading to a positive feedback effect. In other words, the more attention media allocate to a particular stock, the more likely investors will invest in that stock, and the more media will report on it again. Looking at this theory from a communication science perspective, the effect of media attention on trading decisions is closely related to agenda-setting theory that assumes topics that are salient in the media are transferred to the public agenda (Carroll & McCombs, 2003). Thus, it can also be presumed that corporate information on stocks or on the financial market will be transferred from the media to the public (i.e., investors), which—in turn—might affect their judgments (i.e., trading decisions) (cf. Taylor, 1982). Empirical studies dealing with media attention and its effects on stock market prices point in opposing directions. More recent research suggests, however, that the extent to which media devote attention to a stock might influence investors’ trading decisions, either positively or negatively. The findings imply that the more media attention a stock receives, the higher the movement of the stock price (increase or decrease) the other day (Pinnuck, 2014). Given these incongruent findings, we want to put these findings under scrutiny in the Dutch context, posing the first research question: RQ1: How does media attention for a stock affect the opening price of this stock the following days? 2.2. Emotions on the market Emotions in news media and their effects on the financial market have recently received increasing attention in research (e.g., Bollen, Mao, & Zeng, 2011). In the field of behavioral finance, it was found that decisions made by investors are not solely based on objective information and fundamentals, but considerably biased by emotions and moods (De Long, Shleifer, Summer, & Waldmann, 1990). Arguing from a communication science perspective, it thus becomes crucial to examine to what extent news media convey such emotions and how this affects stock market movements. Appraisal theory can be used to explain the mechanism that connects an emotional charged news article to subsequent (trading) decisions (cf. Scherer, 1999).
برای دانلود رایگان مقاله قیمت سهام و مقالات روزنامه اینجا کلیک نمایید.
کلمات کلیدی:
The Language of Emotions: Conceptualization, Expression, and ... https://books.google.com/books?isbn=902722160X ... Niemeier-Dirven, René Dirven - 1997 - Psychology Even text types that are superficially non-emotional like stock market reports, ... With more typical newspaper texts, in particular news stories, with which we will ... Predictive Power of Public Emotions as Extracted from Daily News ... koasas.kaist.ac.kr/bitstream/10203/217097/1/4470a705.pdf by C Wong - Cited by 3 - Related articles articles on the movements of stock market indices. The approach ... method to score news articles regarding public emotions, and to identify which news sections ... Mood and the Market: Can Press Reports of Investors ... - NCBI - NIH https://www.ncbi.nlm.nih.gov › NCBI › Literature › PubMed Central (PMC) by Y Cohen-Charash - 2013 - Cited by 5 - Related articles Aug 28, 2013 - This article has been cited by other articles in PMC. ... Daily news reports about the stock market commonly refer to more than changes in ... They often describe the “mood” of the market or stock traders in emotional terms such ... Searches related to Emotions in newspaper articles and stock market emotional investment psychology emotional investment in relationships what is emotional investing behavioural finance loss aversion google scholar
