供应链网络中企业层面新闻对股价的影响
Stock Price Responses to Firm-Level News in Supply Chain Networks
AI总结：
研究揭示了供应链网络中企业新闻对股价的影响，发现披露前后股价与新闻的关联性存在差异，尤其在日本企业中表现不同。
摘要：
本研究探讨了正负面企业新闻与股价之间的关联性，以及这些关联性是否扩展到通过供应链关系连接的企业供应商和客户。研究使用了全球和日本公开上市公司的大样本数据。通过FinBERT模型，一种针对金融文本微调的自然语言处理模型，衡量新闻情绪；供应链关系则从财务报表中识别全球企业，从大规模企业层面调查中识别日本企业。研究发现，即使在公开披露之前，股价也系统性地与正负面新闻相关联。这些关联性在披露前后均被观察到。总体而言，相对于披露前的时期，披露后的关联性更大，差异集中在公开新闻披露时间周围。然而，对于日本企业，供应商和客户在披露后的关联性小于披露前的关联性，这与非日本企业的模式形成对比。
英文摘要：
This study examines how positive and negative news about firms is associated with stock prices and whether these associations extend to firms' suppliers and clients connected through supply chain relationships, using large samples of publicly listed firms worldwide and in Japan. News sentiment is measured using FinBERT, a natural language processing model fine-tuned for financial texts, and supply chain links are identified from financial statements for global firms and from large-scale firm-level surveys for Japanese firms. We find that stock prices exhibit systematic associations with positive and negative news even before public disclosure. These associations are also observed for suppliers and clients before and after disclosure. In general, relative to the pre-disclosure period, post-disclosure associations are larger, with the difference concentrated around the time of public news disclosure. However, for Japanese firms, the post-disclosure associations for suppliers and clients are smaller than the pre-disclosure associations, in contrast to the pattern observed for firms outside Japan.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
