Abstract
This paper focuses on the relation between the hedonic editing hypothesis and the stock market. Based on the data of China's stock market from 2014 to 2020 and the utilization of an exogenous shock arising from the “New Regulation of Insider Selling”, we find that investors will respond more pessimistically to the negative information that is on the same event but released multiple times. This result provides new evidence for the hedonic editing hypothesis to be tenable in the capital market.
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