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The liquidity effect of media coverage: International evidence11We would like to thank the members of the UE-UD Teaching and Research Team in Corporate Finance and Asset pricing (TRT-CFAP) for their helpful comments. We thank Bohui Zhang for sharing some of the data. Part of this research was conducted while Tung Lam Dang was a visiting scholar at the Kelley School of Business, Indiana University. This research is funded by Vietnam National Foundation for Science and Technology Development (NAFOSTED) under grant number 502.02–2020.313

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  • Huynh, Thi Hong Hanh
  • Dang, Tung Lam

Abstract

We examine the media coverage–stock liquidity relation and its variation across country-level institutional environments. We utilize a comprehensive data set of firm-level media coverage across 44 countries for the period 2000–2020, and identify that media coverage is positively associated with stock liquidity. Additionally, the positive association between media coverage and stock liquidity is more pronounced among firms with less transparent information environment and lower firm visibility. Our cross-country analysis suggests that the liquidity-enhancing effect of media coverage is stronger for firms in countries with weaker institutional characteristics. These findings further elucidate the role of the media in international stock markets.

Suggested Citation

  • Huynh, Thi Hong Hanh & Dang, Tung Lam, 2025. "The liquidity effect of media coverage: International evidence11We would like to thank the members of the UE-UD Teaching and Research Team in Corporate Finance and Asset pricing (TRT-CFAP) for their h," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    • Handle: RePEc:eee:pacfin:v:93:y:2025:i:c:s0927538x25001891
    DOI: 10.1016/j.pacfin.2025.102852
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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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