Research On The News Media Information And Behavior Of Stock Market Price

Through computer text mining technology and econometrics empirical research methods,this paper conducts a more in-depth study on the relationship between news media information and capital market.As a specialized,scaled and relatively authoritative source of information,the news media is an important channel for investors to obtain information and has a huge influence on the capital market.This paper studies the relationship between the news media information and stock returns,the relationship with the asset price bubble,probes into the phenomenon of the news media hype concept,studies the influence of the media speculation on the asset price,the investor sentiment,the investor information asymmetry degree of impact.Based on previous scholars' research results,this paper attempts to further reveal the relationship between news media information and capital market,clarify the sources of some market phenomena and provide corresponding policy recommendations.Based on the previous research on news media and capital market,this paper divides the media information into two dimensions: the attention degree of news media to individual stocks is defined as the attention of news media;the attention degree of news media to the concepts behind individual stocks,Defined as the news media fever.The first part of this paper studies the relationship between news media information and stock returns.The previous literature on the media information on stock returns is positive or negative impact of the study did not reach a consistent conclusion.In this paper,we found that overexposed companies,whose prices are more likely to have fully reflected the existing information,may have a reversal in future earnings;and those companies whose concepts are widely concerned by the media follow market quotations of concept stocks,In the future may be higher income.The second part of this paper studies the relationship between news media information and the stock price bubble.This paper draws on the previous literature to build a measure of stock price bubble,estimated the quarterly bubble level of the study sample.Through regression analysis,it is found that the news media attention in the media information and the news media fever all will significantly improve the bubble level of individual stocks.The third part of this article studies many reflections of the capital market when the news media stir the concept.In this paper,we use the news media data to define a way to define the concept of media hype.Through the study of construction events,it is found that the influence of news media on the behavior of stock price is multi-level.Under the appearance that the news media information affects the stock price,the emotional level of investors and the integration of investors' information reflect the media information obviously,These multi-level factors work together,making the news media have a significant impact on the capital market price behavior.