Review of Finance, Volume 21, Issue 2, 1 March 2017, Pages 761–791

新闻传播与投资者关注

作者：Romain Boulland (ESSEC Business School), Franc?ois Degeorge (Swiss Finance Institute, Universita della Svizzera italiana (USI)), Edith Ginglinger (Universite? Paris-Dauphine, PSL Research University)

摘要：我们检验了当一个公司采取现代化的新闻传播技术时投资者关注的变化。我们发现：相较于使用非电子传播形式和欧洲大陆语言而言，从欧洲大陆的公司开始使用英文语言有线电子服务传播公司新闻之后，他们展现出对盈余冲击更强烈的初始反应：公告后更小的股价变动以及在盈余公告期临近时非正常交易量的增长。我们的结论同样适用于很有可能由于外部原因而使用了有线电子服务的公司子样本。同时，研究表明有线电子服务对于投资者关注度的作用是来源于新闻的形式（电子形式和英文语言），而不是由于新闻传播速度的提升。

关键词：新闻传播，投资者关注，传播形式，盈余公告

News Dissemination and Investor Attention

Romain Boulland (ESSEC Business School), Franc?ois Degeorge (Swiss Finance Institute, Universita della Svizzera italiana (USI)), Edith Ginglinger (Universite? Paris-Dauphine, PSL Research University)

ABSTRACT

We examine how investor attention changes when a firm adopts a modern news dissemination technology. We find that after continental European firms begin using an English-language electronic wire service to disseminate company news, they exhibit a stronger initial reaction to earnings surprises, a lower post earnings announcement stock price drift, and an increase in abnormal trading volume near earnings announcements, compared with when they disseminated their news in non-electronic format and in a continental European language. Our results hold for a subsample of firms for which the decision to use a wire service was likely exogenous. The effect of wire services on investor attention is due to the format of news(electronic and English-language), not to the increased speed of news transmission..

原文链接: https://academic.oup.com/rof/article/21/2/761/2670063/News-Dissemination-and-Investor-Attention

翻译：汪国颂