Media Exposure and Stock Market Participation
We use a novel instrument--the local lineup position of business channels--to show that media exposure from cable television increases equity participation by increasing awareness of the stock market for first-time investors. Economically, a one-standard deviation reduction in the lineup position of business channels increases viewership by 6%. Subsequently, the propensity to invest in the stock market increases by 8.8% for the full sample and rises to 21.3% for first-time investors induced into watching by variation in channel position. Media exposure also reduces the likelihood these first time investors exit, keeping them in the stock market for longer
Year of publication: |
[2021]
|
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Authors: | Hu, Lin ; Li, Kun ; Ngo, Phong T. H. |
Publisher: |
[S.l.] : SSRN |
Subject: | Börsenkurs | Share price | Aktienmarkt | Stock market | Mediennutzung | Media usage |
Saved in:
freely available
Extent: | 1 Online-Ressource (49 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 12, 2021 erstellt |
Other identifiers: | 10.2139/ssrn.3555813 [DOI] |
Classification: | G11 - Portfolio Choice ; G14 - Information and Market Efficiency; Event Studies |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10013240773
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