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Mass media effects on trading activities: television broadcasting evidence from Japan

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  • Hiroyuki Aman
  • Norihiro Kasuga
  • Hiroshi Moriyasu

Abstract

This study examines how information broadcasting through television (TV) media influences stock market activities. Consistent with the effect of TV information to attract investor attention, we find that increased information flow through TV is significantly associated with greater trading volume and larger price change. For information type, hard news from business-oriented programmes and earnings-related news strongly contributes to the attention effect, while the effect of soft news is weaker. Bid–ask spread widens for more TV information flows, suggesting that new information arrival in the market expands information asymmetry. Finally, the impact of TV is more influential for stocks with more individual shareholders than those with institutional shareholders.

Suggested Citation

  • Hiroyuki Aman & Norihiro Kasuga & Hiroshi Moriyasu, 2018. "Mass media effects on trading activities: television broadcasting evidence from Japan," Applied Economics, Taylor & Francis Journals, vol. 50(42), pages 4522-4539, September.
    • Handle: RePEc:taf:applec:v:50:y:2018:i:42:p:4522-4539
    DOI: 10.1080/00036846.2018.1458192
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    Cited by:

    1. Meng, Xiangtong & Zhang, Wei & Li, Youwei & Cao, Xing & Feng, Xu, 2020. "Social media effect, investor recognition and the cross-section of stock returns," International Review of Financial Analysis, Elsevier, vol. 67(C).
    2. Wang, Gaoshan & Yu, Guangjin & Shen, Xiaohong, 2021. "The effect of online environmental news on green industry stocks: The mediating role of investor sentiment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 573(C).

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