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Article Title : Study of Media Attention, Goodwill and Stock Price Characteristics Based on Evidence from Chinese A-shares
Author(s) : Shihao Zhang
Corresponding Author : Shihao Zhang
Keywords : Media attention; stock characteristics; goodwill.

With the rapid development of Internet technology, new media tools emerge in endlessly, the efficiency of market information transmission is obviously increased, and the cost of information acquisition by investors is getting lower and lower. As the main carrier of financial information transmission, media can guide investors to make corresponding investment decisions by influencing investors’ behavioral sentiment, and then to make corresponding investment decisions on stock characteristics. Have an impact. China's stock market is still in a weak and effective form, the degree of information asymmetry is relatively high, so the role of media information transmission and guidance is more prominent. With the country’s economy entering a period of high-quality development and transformation, preventing and resolving financial risks has become the primary goal of the country’s economic work. Therefore, it is necessary to study the influence of media attention on the characteristics of stock prices, so as to help all parties correctly understand the relationship between media and stocks, and then standardize market trading rules and improve market supervision. Mechanisms to maintain the long-term and stable operation of the capital market. We adopt the method of normative analysis and empirical analysis, focusing on the impact of media attention on stock characteristics in the Internet era. On the basis of reviewing and summarizing the previous research results on the relationship between media attention, goodwill and stock characteristics, combining the characteristics of new media in the Internet era and the relevant theories of media information transmission, this paper makes a thorough study of the relationship between media attention and stock liquidity, volatility and return, and the moderating effect of goodwill on the relationship between them. Empirical test is used for further research and demonstration. After research, we draw the following conclusions: (1) Media coverage can effectively improve the liquidity of the stock market. (2) Media reports can cause stock price fluctuations. (3) Excessive media attention is not conducive to the performance of stock returns. (4) The value of goodwill does not affect the effect of media on stock liquidity. (5) Goodwill has a significant positive moderating effect on the relationship between media attention and stock volatility and return.