https://scholars.lib.ntu.edu.tw/handle/123456789/414957
標題: | Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets | 作者: | YEN CHENG CHANG Harrison G. Hong Larissa Tiedens Na Wang Bin Zhao |
公開日期: | 一月-2015 | 期: | No. 168 | 起(迄)頁: | 53 pages | 來源出版物: | Rock Center for Corporate Governance at Stanford University Working Paper | 摘要: | Diversity of opinions among investors plays a crucial role in models of financial market speculation and bubbles. Yet, little is known about the origins of investor disagreement. Using unique data from China, we identify an important cultural and linguistic factor. We show that investors living in linguistically diverse areas express more diverse opinions on stock message boards and trade stocks more actively. We use geographical isolation of an area due to hilly terrain as an instrument for linguistic diversity. We then discriminate in favor of a differential interpretations mechanism and against slow news diffusion due to language barriers. |
描述: | Stanford University Graduate School of Business Research Paper No. 13-16. --AEA (Boston), WFA (Monterey Bay), EFA (Lugano), NBER Chinese Economy, CICF (Shanghai), FMA (Nashville), FMA Asia (Tokyo) --Best Paper Award, SFM (Kaohsiung, Taiwan) |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414957 |
顯示於: | 財務金融學系 |
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