Abstract：Based on the data of A-share listed companies from 2008 to 2020, this study explores the impact of stock forum activity on stock liquidity. The results show that higher stock forum activity can improve the quality of corporate information disclosure, thereby reducing the adverse selection of uninformed traders, which leads to higher stock liquidity. Further research finds that when the company has a better external information environment and investors have more other information channels, the effect of stock forum activity on stock liquidity will be weakened. When investors are more interactive, stock forum activity has a more obvious effect on the improvement of stock liquidity. With the perspective of investor behavior, higher stock forum activity attracts more investors. When investor sentiment is higher and investors are more professional, the effect of stock forum activity on stock liquidity will be weakened.
黄灿，蒋青嬗. 股吧活跃度对股票流动性的影响[J]. 管理学报, 2022, 19(11): 1714-.
HUANG Can，JIANG Qingshan. The Impact of Stock Forum Activity on Stock Liquidity. Chinese Journal of Management, 2022, 19(11): 1714-.
