News Reports,Investor's Behavior And Stock Market Performance

Based on the media effect of news,this paper focuses on researching and verifying that different types of news reports' influence over investor behavior and then stock market performance from two different perspectives.This paper has following innovation:This paper classifies news according to two calibers: Under the first classification path,this paper introduced the interdisciplinary science of journalism and communication.News were divided into breaking news,periodic news,and continuous news.In this situation,different news has a differentiated impact on investor attention and ultimately on stock market trading active level.Under the second classification path,this paper introduced the content of social psychology related disciplines,and divides news into five categories: positive news,sub-positive news,neutral news,sub-negative news,and negative news.At this time,different news has a differentiated impact on investor sentiment agreement and ultimately on stock market price indicators.In addition,this paper crawls the Baidu search index to measure the attention of individual investors,and uses opinions from stock community to measure the emotional consistency of individual investors.The purpose is to obtain direct measurement of daily data,which is different from the indirect,monthly measurement that is more used in previous research.In terms of research methods,this paper puts forward the three main hypotheses of this paper based on previous literature and related theoretical research.Then,in terms of empirical research,given that the independent variables in this empirical research are categorical variables,this paper will introduce relative mediation effect,exploring the difference of each category of independent variables in the conduction process respectively.In terms of research results,this paper verifies the relevant content of the three hypotheses proposed: First,it is discovered that the occurrence of news reports will cause significant changes in stock market indicators.In addition,in the first path,breaking news reports can cause significant change on investor's attention,and ultimately have a higher degree of impact on the performance of the stock market trading volume and trading turnover,followed by periodical news,while continuous news cannot attract investors' attention.In the second path,positive news reports will eventually affect the upward fluctuation of stock price indicators by affecting the investor sentiment agreement,and the degree of influence of sub-positive news is less than that of positive news.Negative news will eventually affect the downward fluctuation of stock price indicators by affecting the investor sentiment agreement,and the degree of influence of sub-negative news is less than that of negative news.Neutral news cannot have a significant impact on investor sentiment consistency.Finally,comparing positive news and negative news,we can find that the influence of negative news is less than positive news.Finally,this paper conducts a robustness test on the empirical content to ensure the robustness of the results.