Media Impacts around Earnings Announcement Dates with Consideration of Investor Types and Market Scenarios

考量投資人類型與市場情境探討盈餘宣告前媒體報導之影響

10.6545/JFS.2014.22(3).4

盧陽正(Yang-Cheng Lu)；魏裕珍(Yu-Chen Wei)

媒體曝光度 ； 投資人類型 ； 盈餘宣告 ； 市場情境 ； 交易行為 ； Media coverage ； investor types ； earnings announcements ； market scenarios ； trading behavior

財務金融學刊

22卷3期（2014 / 09 / 30）

73 - 104

英文

本文剖析臺灣證券市場盈餘宣告前之媒體報導對投資人交易行為之影響，實證發現盈餘宣告前個股之曝光度對外國投資人交易之價格變化與波動度有正向影響，且在多頭與空頭市場有一致發現；此外曝光度與自然人交易之波動度有正向關聯，對價格變化則無顯著影響。個股在媒體之報導確實讓投資人產生不同印象，進而影響其交易行為。

This study examines the impacts of media reports prior to earnings announcements on trading behaviors in the Taiwan stock market. The results reveal that media coverage prior to earnings announcements has positive impacts on the price changes and volatility initiated by foreign investors, with the findings being consistent in both bull and bear markets. There exists a positive relation between media coverage and trading volatility for individual traders; however, there is no significant relation between the media and price changes. We argue that a firm's media exposure leaves investors with diverse impressions, ultimately influencing their trading behavior.

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