Covid-19谣言的开始和反驳:来自股市反应的证据

IF 1.9 Q2 BUSINESS, FINANCE China Journal of Accounting Research Pub Date : 2022-12-01 DOI:10.1016/j.cjar.2022.100272
Zhe Li , Zixi Ling , Jian Sun , Congjie Yun
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引用次数: 3

摘要

通过人工收集有关COVID-19的互联网谣言数据,我们调查了市场对这些谣言传播的反应以及政府对这些谣言的反驳。我们发现,令人恐惧(安心)的谣言对投资者有负面(正面)的影响。对令人恐惧的谣言的驳斥引发了积极的市场反应,而对令人安心的谣言的驳斥则不会引起显著的市场反应。进一步分析表明,当可怕的谣言被政府驳斥时,股价会出现波动。在考虑内生性后,我们的结论仍然是强有力的。我们的研究结果支持了与疫情相关的谣言影响投资者决策的观点,增加了关于企业在COVID-19大流行背景下的市场反应的文献,并为“沉默的螺旋”理论提供了更多证据。
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Starts and refutations of the Covid-19 rumors: Evidence from the reaction of the stock market

By manually collecting data on Internet-based rumors concerning COVID-19, we investigate the market reactions to the spread of such rumors and the government’s refutation of them. We find that frightening (reassuring) rumors have a negative (positive) impact on investors. The refutation of frightening rumors triggers a positive market response, whereas the refutation of reassuring rumors does not cause a significant market reaction. Further analysis shows that there is a stock price drift when frightening rumors are refuted by governments. Our conclusions remain robust after considering endogeneity. Our findings support the notion that epidemic-related rumors affect investors’ decisions, which add to literatures of the market responses of companies in the context of the COVID-19 pandemic and provide incremental evidence for the “the spiral of silence” theory.

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来源期刊
CiteScore
4.70
自引率
0.00%
发文量
295
审稿时长
15 weeks
期刊介绍: The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.
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