信息搜集与风险厌恶
首发时间:2018-08-03
摘要:研究通过格兰杰因果检验和向量自回归检验得出投资者在股吧论坛中的信息浏览行为会增加其风险厌恶的结论,同时通过与新闻浏览作为对比,在剔除宏观市场情绪和股吧内容的文本情绪干扰,得出信息甄别成本是构成股吧信息搜集导致风险厌恶增加的原因之一,且这种正向关联关系是不会随着市场投资情绪和股吧文本情绪的变化而变化的。研究还通过事件分析得出系统性关联事件也是导致股吧信息浏览行为增加风险厌恶的原因之一。
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Information Demand and Risk Aversion
Abstract:BY analyzing the GUBA data to do Grainger causality test and the vector autoregression test, it is concluded that the information demand will increase investors\' risk aversion. At the same time, by comparing with information demand in the news, we dliminate the emotional interference of the macro market sentiment and the text mood of GUBA, and find that the identification cost is the factor of positive correlation. In other words, the positive correlation between information demand and risk aversion is not effected with the change of market investment sentiment and the text mood of GUBA. Moreover, the event analysis also shows that systemic related events are also the factors which result in the increase of information demand.
Keywords: Financial Risk Information Demand Risk Aversion Text Mood
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