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《Management World》 2011-01
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The Home Bias in the Exchange of the Stock Information and its Impact on Stock Prices: Evidences fro the Stock Forum

Dong Dayong and Xiao Zuoping  
By the use of the data,of A shares of Shanghai Securities Market and Shenzhen Securities Market,of 109 listed companies registered in Sichuan Province and Liaoning Province,and the data posted on East-money Forum Bar,we have,in this article,made a study on the existence of the home bias in the exchange of information,its influencing factors and its impact on the pricing of assets.The results of our study show that there exists a home bias,that in the exchange of the stock information,that,in the forum about stock,investors have a great probability to participate in the communication in the information on local shares,that,with limited attention,the fundamentals and the localization degree of impact on the home bias in communication,that earnings per share has a significantly negative effect on the ratio of the local communication,that the proportion of the localization of company’s operation of business has a noticeable positive bearing on the proportion of the local communication,that the home bias in the exchange of information has a noteworthy influence on stock prices,and that,the greater the proportion reached by the local investors in the exchange of information,the higher the stock prices.
【Fund】: 西南交通大学希望之星项目资助;; 教育部新世纪人才支持计划资助项目(NCET-10-0666);教育部人文社科项目(09YJA790169 09YJCZH103 09XJC630013);教育部高等学校博士学科点专项科研基金课题(200806131003);; 国家自然科学基金项目资助(71002062、70771096);; 中央高校基本科研业务费专项资金专题研究项目(SWJ-TU09CX089 SWJTU09ZT32)
【CateGory Index】: F832.51;F224
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