The Relationship between Online Attention and Share Prices

Yue Zhao, Qiang Ye, Ziru Li

Research output: Contribution to conferencePaperpeer-review

1 Scopus citations


Our objective is to explore the correlation between stock market and investors’ attention in China’s stock market through empirical analysis method. We use search volume (SV) to represent individual investors’ attention. We choose 1380 a-share stocks in SSE and SZSE from 2008 to 2011. After summarizing time series data of different cross-sections, we get the panel data. According to the fixed effect analysis of panel data, we find that SV can react the changing of individual investors’ attention. An increase in SV predicts higher volume and transaction amount in this week but turn down in the next week in all four years. And the price has the same fluctuation in 2010 and 2011. This is an abnormal phenomenon that more investors pay attention to one stock making its price get lower after a short increase. Through comparing with the analytical result of American, we predict that there will be a stock control and illegal cash in Chinese stock market. The different analytical results between Chinese and American stock market indicated that our stock supervision system is still not perfect.

Original languageEnglish (US)
Number of pages8
StatePublished - 2014
Externally publishedYes
Event13th Wuhan International Conference on E-Business, WHICEB 2014 - Wuhan, China
Duration: May 31 2014Jun 1 2014


Conference13th Wuhan International Conference on E-Business, WHICEB 2014


  • illegal cash
  • online attention
  • search volume
  • stock price

ASJC Scopus subject areas

  • Business and International Management
  • Management of Technology and Innovation
  • Management Information Systems
  • Computer Science Applications


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