Investor-listed company interaction and post-earnings announcement drift for individual stocks

Jingchao Chen and Li Jia

Finance Research Letters, 2024, vol. 62, issue PA

Abstract: This study explores listed companies in China's capital market as research subjects to investigate the impact of online interaction between investors and listed companies on stock price drift following earnings announcements. The results show that the online interaction between investors and listed companies can significantly reduce the stock price drift following earnings announcements, with this effect being more pronounced in nonstate-owned enterprises and companies with a higher proportion of institutional investor holdings. The findings provide useful information for improving information efficiency in the securities market and optimizing the market environment.

Keywords: Investor–company interaction; Postearnings announcement drift (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:62:y:2024:i:pa:s1544612324001272

DOI: 10.1016/j.frl.2024.105097

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