市场会关注政治虚假信息吗？

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-10-28 DOI:10.1016/j.frl.2024.106366

Christopher A. Hartwell , Elena Hubschmid-Vierheilig

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引用次数: 0

摘要

确实如此，但并不是人们想象的那样。以 2016 年美国总统大选为例，我们发现，与候选人相关的大量虚假信息并不会影响广泛的指数股票回报。然而，强烈支持希拉里-克林顿的虚假信息与股票条件波动率的大幅降低有关，即使在控制了其他宏观经济新闻和新闻情绪的情况下也是如此。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Do markets pay attention to political disinformation?

They do, but not in ways one might think. Using an example from the 2016 Presidential election in the United States, we show that days with heavy doses of disinformation related to the candidates do not affect broad index stock returns. However, disinformation that was strongly pro-Hillary Clinton was associated with a substantial lowering of conditional volatility of stocks, even when controlling for other macroeconomic news and news sentiment.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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