COVID-19大流行:面对面的互动对于信息传播有多重要?
Daniel Cahill1, Choy Yeing Chloe Ho1, Joey W Yang1
1Department of Accounting and Finance, University of Western Australia Business School, 35 Stirling Hwy, Crawley, WA 6009, Australia.
概括
面对面的互动对于股票市场信息传输至关重要. 在COVID-19期间流动性减少削弱了价格发现,表明面对面的沟通提高了市场效率.
科学领域:
- 经济学 经济学 经济学
- 金融 金融 金融 金融 金融
- 社会学 社会学 社会学
背景情况:
- 通信技术的普及引发了关于面对面互动的重要性的问题.
- 由于COVID-19大流行严重破坏了人与人之间的互动,这为研究它们的影响提供了独特的机会.
研究的目的:
- 检查面对面互动对股票市场信息流动的影响.
- 评估互动在收益公告周围的价格发现中的作用.
主要方法:
- 利用美国居民的日常,县级异常移动数据作为面对面互动的代理.
- 分析了流动水平和股票市场对收益公告的反应之间的关系.
主要成果:
- 异常流动性较低的县的公司对收益公告的即时价格反应较弱.
- 这些公司也显示出更大的公告后漂移,表明信息的整合速度较慢.
结论:
- 减少面对面的互动抑制了金融市场的价格发现.
- 投资者关注被确定为一种潜在的机制,可以调解互动对市场效率的影响.
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