机构投资者会主动管理媒体报道吗？

文章实证检验了机构投资者是否存在通过管理媒体报道来获取超额收益的行为。研究发现：（1）媒体报道对股票价格的影响符合“注意力驱动效应”，即媒体报道数量与股票超额收益显著正相关；（2）机构投资者会利用媒体报道的这一效应来获取股票超额收益，即机构投资者存在利用媒体来制造信息噪音以引导市场热点的短期炒作行为，进而验证了“主动媒体管理”假说；（3）机构投资者的媒体管理行为会提高其所持有股票未来大幅下跌的可能性，即带来更大的股价崩盘风险。文章将机构投资者行为和媒体报道进行了有机结合，拓展了相关领域的研究文献，而且研究结论为进一步规范机构投资者行为和媒体报道提供了经验证据。

Do Institutional Investors Actively Manage Media Coverage ?

This paper empirically examines whether institutional investors manage media coverage to get abnormal returns .It comes to the following conclusions :firstly ,the effect of media coverage on stock prices complies with attention-driven effect ,namely the number of media coverage is positively related to abnormal returns ;secondly ,institutional investors use the attention-driven effect of media coverage to obtain abnormal returns , namely institutional investors have short-term speculation by making information noises through the media to guide market hot spots ,thereby confirming the hypothesis of active media management ;thirdly ,the media management of institutional investors increase the possibility of future reduction by a big margin in stocks held by them ,leading to greater stock price crash risk .This paper organically combines institutional investors and media coverage ,extends the literature of related domains and provides evidence for further speci-fication of institutional investors and media coverage .