Abstract
ABSTRACT In this study, we aim to explore the influence of social and mainstream media on stock return comovement in China. The impact of mainstream media on stock price comovement is influenced by social media and vice versa. We generally hypothesize that mainstream and social media interact and then impact stock price synchronicity. We choose 13,745 listed Chinese companies to run our tests. The results suggest that our hypothesis is supported. Our finding supports information-based theory. Keywords Mainstream Media, Social Media; Stock Return Comovement/Stock Price Synchronicity; Information-based theory; Sentiment-based theory
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