Since the beginning of the 21st century, the stock market has experienced many outbreaks of bull market, and stocks have gradually entered the public’s field of vision from a small investment field. In the era of big data, how can investors make correct information from a large amount of in-formation? The choice becomes the most critical issue. This paper selects 17 listed companies in the coal industry in 2018 as the research object, and uses Baidu Index as the research index of investor attention, empirically testing the impact of investment attention on the market performance of coal listed companies. The study found that: first, the current investor attention significantly affected the stock returns and liquidity of the current coal listed companies; second, the investor attention of the lag period and the current stock returns of coal listed companies were significantly negative. And the investor attention in the lag period is still significantly positively correlated with the stock liquidity of the current coal listed companies.
Cite this paper
Li, H. and Yang, X. (2019). Research on the Influence of Investor Concern on the Market Performance of Coal Listed Companies. Open Access Library Journal, 6, e5497. doi: http://dx.doi.org/10.4236/oalib.1105497.
Barber, B.M. and Odean, T. (2008) All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors. Review of Financial Studies, 21, 785-818. https://doi.org/10.1093/rfs/hhm079
Hiller, S. (2014) The Export Promoting Effect of Emigration: Evidence from Denmark. Review of Development Economics, 18, 693-708. https://doi.org/10.1111/rode.12112
Sheline, Y.I., Joseph, L., et al. (2010) Resting-State Functional MRI in Depression Unmasks Increased Connectivity between Networks Via the Dorsal Nexus [Medical Sciences]. Proceedings of the National Academy of Sciences of the United States, 24, 20-25. https://doi.org/10.1073/pnas.1000446107
Grullon, G. and Ikenberry, D.L. (2010) What Do We Know about Stock Repurchases? Journal of Applied Corporate Finance, 13, 31-51. https://doi.org/10.1111/j.1745-6622.2000.tb00040.x
Nielsen, A.M., DeCarvalho, et al. (2010) Investigation of an Onsite Wastewater Treatment System in Sandy Soil: Site Characterization and Fate of Anionic and Nonionic Surfactants. Envi-ronmental Toxicology & Chemistry, 21, 2606-2616. https://doi.org/10.1002/etc.5620211212
Aboody, D., Johnson, N.B. and Kasznik, R. (2010) Employee Stock Options and Suture Firm Performance: Evidence from Option Repricings. Journal of Accounting & Economics, 50, 74-92. https://doi.org/10.1016/j.jacceco.2009.12.003
Lau, M., Herdrich, G.H. and Karrer, N. (2013) Power Train Configuration Study on a Pulsed Plasma Thruster with State-of-the-Art High Current Monitors. 49th AIAA/ASME/SAE/ASEE Joint Propulsion Conference, San Jose, 14-17 July 2013, 1-9. https://doi.org/10.2514/6.2013-4122
Ding, R. and Hou, W. (2015) Retail In-vestor Attention and Stock Liquidity. SSRN Electronic Journal, 37, 12-26. https://doi.org/10.1016/j.intfin.2015.04.001