The effect of international media news on the global stock market

Xuejun Jin, Cheng Chen and Xiaolan Yang

International Review of Economics & Finance, 2024, vol. 89, issue PA, 50-69

Abstract: This study examines the effect of international news sentiment on global stock market returns. Using a comprehensive sample of international news across 35 countries, we find that higher international news sentiment will lead to higher stock market returns. The effect of international news sentiment is mitigated in countries with a greater level of financial development and is amplified with the increase in access to international media news. Moreover, we find that the effect of international news sentiment is stronger in countries with a higher level of openness. Besides, the effect of international news sentiment has been affected by some important events including 2008 financial crisis,the deglobalization trend advocated by the U.S and the global COVID-19 pandemic.

Keywords: International media news; News sentiment; Stock market; Behavior finance (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:89:y:2024:i:pa:p:50-69

DOI: 10.1016/j.iref.2023.07.096

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