运筹与管理2018，Vol.27Issue(2)：124-132,9.DOI:10.12005/orms.2018.0043
社会互动,投资者情绪传染与资产泡沫——基于股票论坛发帖的实证研究
Social Interaction,Investor Sentiment Contagion and Asset Bubbles:An Empirical Study Based on the Stock Forum Discussion
摘要
Abstract
In the capital market,investors are not independent of each other,but they learn from each other and communicate with each other.With the rapid development of the Internet,this kind of social interaction becomes more frequent and widespread.As a result,the influence of social interaction on asset prices cannot be underes-timated.In this paper,we put forward three theoretical hypothesis through theoretical modeling.Firstly,under the condition of the existence of social interaction, investor interaction will increase the degree of market senti-ment contagion, and then will increase the asset bubbles.Secondly, when investor sentiment is high, the strength of investor interaction significantly positively influences the bubble, and vice versa.Affected by social interaction, investors active trading will increase the degree of investor sentiment contagion, and then will increase the asset bubbles.Afterwards, we construct social interaction and investor sentiment index based on stock forum discussion, to verify the correctness of the theoretical hypothesis proposed in this paper based on Chinese stock market.关键词
社会互动/投资者情绪传染/泡沫/股票论坛发帖/情感分析Key words
social interaction/investor sentiment contagion/bubbles/stock forum discussion/emotion analysis分类
管理科学引用本文复制引用
罗衎,王春峰,房振明..社会互动,投资者情绪传染与资产泡沫——基于股票论坛发帖的实证研究[J].运筹与管理,2018,27(2):124-132,9.基金项目
国家自然科学基金资助项目(71271146,71671122) （71271146,71671122）
