With rapidly digital technology updating,media plays an increasingly essential role in the capital market.Thus,it's imperative to clarify the role of media in information transmission gap.We use a dataset of site visiting of Shenzhen Stock Exchange firms from 2012 to 2020 to study the role of media in information dissemination.The research findings are as followed:(1)the media report shows"widening gap"effect,i.e.,the more media reports during the site visit,the more profit made by insider trading.This conclusion remains valid after the test of instrumental variables and other robust tests.(2)The"widening gap"effect is more pronounced in site visitings with a positive tone of media coverage.Insiders are more likely to take advantage of information to profit from selling trades when the media coverage is optimistic.(3)This effect is mitigated in the company with better corporate governance.It's harder for Insiders to make excess earnings using information superiority in firms with higher governance quality.We provide new insight into the role of media in information spreading.In addition,this study offers empirical evidences to improve the disclosure rule of site visiting and strengthen governance quality.
关键词
媒体报道/内部人交易/实地调研/鸿沟扩大/上限效应
Key words
Media coverage/Insider trading/Site visit/Gap widening/Ceiling effect
维普
万方数据