Abstract
Based on the background of informatization, the development and progress of science and technology has brought an immeasurable impact on the securities market. Therefore, this article uses python technology to crawl the number of individual stock news and study the influence of media attention on investor behavior under the constraint of heterogeneous beliefs. It is found that there is a significant positive correlation between the degree of media attention and the degree of investors’ heterogeneous beliefs, and investors are more likely to choose stocks that are frequently reported by the media; further research has found that media reports intensify the degree of investor’s heterogeneous beliefs, leading to stock transactions. The amount has risen abnormally. Therefore, while enjoying informatization, it is necessary to guard against the risks it bring.
Highlights
The innovation of information technology and financial products has brought major changes to the trading mechanism and trading structure of the securities market
Based on the current information age, this article attempts to study the influence of Internet media on investor behavior from the perspective of heterogeneous beliefs, combined with the peculiarities of my country’s financial market, and first study the relationship between media attention and investor beliefs
This paper uses the data of 38 A-share listed companies, and through theoretical analysis and empirical testing, the following conclusions are obtained: 1. Media reports on listed companies are significantly positively correlated with investors’ heterogeneous beliefs, and investors are more inclined to pay attention to the media the stocks with higher attention; 2
Summary
The innovation of information technology and financial products has brought major changes to the trading mechanism and trading structure of the securities market. Informatization has brought about social networking platforms, which have greatly affected investors' decision-making behaviors and aroused in-depth research by scholars. Internet media, as the most important information platform at the moment, is capable of disseminating information in a timely and extensive manner, the majority of individual investors in the domestic market have deviations in their cognitive abilities and professional knowledge. The era of big data may cause investors to face the increasingly complex information environment has triggered their irrational investment behaviors, brought many unknown risks to the financial market, affected the stable development of the stock market, and laid huge hidden dangers for future investment. Many scholars have found that online media reports will have an impact on investor behavior. There are two main aspects to the investigation of investor behavior in online media
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
