دانلود مقاله ISI انگلیسی شماره 136945
ترجمه فارسی عنوان مقاله

احساسات و استراتژی های تجاری رسانه های مختلف از معامله گران مختلف

عنوان انگلیسی
Media sentiment and trading strategies of different types of traders
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
136945 2017 39 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 44, September 2017, Pages 160-172

پیش نمایش مقاله
پیش نمایش مقاله  احساسات و استراتژی های تجاری رسانه های مختلف از معامله گران مختلف

چکیده انگلیسی

This paper investigates how the prevailing sentiment conveyed by the media influences trading by retail and institutional traders around earnings announcements made by ASX200 constituent firms. We find that media sentiment influences institutional traders to overreact to earnings news measured by analyst forecast errors. In contrast, retail traders are indifferent to either positive or negative unexpected earnings in the presence of media sentiment. Further analysis reveals that their trading decisions are affected by media sentiment alone, independent of the earnings surprise. We also find that firm-specific media sentiment complements market-wide sentiment by providing timelier information to investors in shaping their perceptions of unexpected earnings in the Australian market.