Abstract
ABSTRACT In this study, we aim to explore whether the evidence of prior studies on the media’s impact on stock return comovement observed in the context of western countries could be applied to China, and whether and how China’s media impacts stock return comovement differently. We generally hypothesize that stock price synchronicity is negatively associated with firms’ news coverage by Chinese mainstream media. The results suggest that our hypothesis is supported. Our results indicate that Chinese mainstream media improves information transparency and it is associated with stock price comovement negatively. Keywords Mainstream Media; Stock Return Comovement; Stock Price Synchronicity; Stock Price Informativeness.
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