Mass Media Effects on Trading Activities: Television Broadcasting Evidence from Japan

43 Pages Posted: 19 Dec 2016 Last revised: 21 Apr 2018

See all articles by Hiroyuki Aman

Hiroyuki Aman

Kwansei Gakuin University

Norihiro Kasuga

Konan University

Hiroshi Moriyasu

Nagasaki University

Date Written: April 13, 2018


This study examines how information broadcasting through television (TV) media influences stock market activities. Consistent with the effect of TV information to attract investor attention, we find that increased information flow through TV is significantly associated with greater trading volume and larger price change. For information type, hard news from business-oriented programs and earnings-related news strongly contributes to the attention effect, while the effect of soft news is weaker. Bid–ask spread widens for more TV information flows, suggesting that new information arrival in the market expands information asymmetry. Finally, the impact of TV is more influential for stocks with more individual shareholders than those with institutional shareholders.

Keywords: television broadcasting, trading activities, investor attention

JEL Classification: G14, L82

Suggested Citation

Aman, Hiroyuki and Kasuga, Norihiro and Moriyasu, Hiroshi, Mass Media Effects on Trading Activities: Television Broadcasting Evidence from Japan (April 13, 2018). Available at SSRN: or

Hiroyuki Aman (Contact Author)

Kwansei Gakuin University ( email )

Nishinomiya, Hyogo 662-8501
+81-798-54-6343 (Phone)

Norihiro Kasuga

Konan University ( email )

Kobe, Hyogo 658-8501

Hiroshi Moriyasu

Nagasaki University ( email )

Nagasaki, 850-8506

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