摘要
Abstract
With the rapid increase in the volume of online media coverage,investors may face the problem of information overload.That is,when the amount of information exceeds investors'processing capacity,their judgment declines and cognitive biases intensify,affecting the efficient incorporation of market information into stock prices.Based on data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges,as well as news media reports,this paper examines the relationship between media coverage and capital market pricing efficiency from the perspective of information overload.The paper finds that as the number of media reports increases,pricing efficiency exhibits an inverted U-shaped pattern,rising initially and then declining.The mechanism analysis shows that when the number of media reports does not exceed a certain threshold,more media coverage provides investors with more information,which helps improve pricing efficiency.However,once the volume exceeds a certain threshold,increased media coverage leads to more noise,and investors with limited capacity are unable to effectively analyze and process the information.As a result,excessively noisy information is incorporated into the pricing process,resulting in a"noise effect."At the same time,increased media coverage lowers the incentive for investors to seek out private information,and when the marginal benefit of public information is limited,the amount of private information incorporated into stock prices decreases sharply,resulting in a"crowding-out effect."These dual effects jointly reduce pricing efficiency.Further analysis shows that in environments with high levels of repetitive reporting,the negative effect of information overload appears earlier and may reduce pricing efficiency below the level observed when information is insufficient.The inverted U-shaped relationship between media coverage and pricing efficiency is less pronounced for companies with higher analyst coverage and better information transparency and when investors are less reliant on media reports and information overload is less significant.This study helps to deepen the understanding of the relationship between media coverage and pricing efficiency and provides insights into strengthening news media regulation and improving the information environment of capital markets.关键词
媒体报道/定价效率/信息过载/噪音效应/挤出效应Key words
media coverage/pricing efficiency/information overload/noise effect/crowding-out effect分类
管理科学
