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市场传闻是一种不同于新闻的特殊信息,它可能会影响参与者的交易行为,进而引起市场价格波动。本文从市场传闻的作用机制、效应和管理三个方面,归纳、梳理和评价了有关市场传闻的最新英文文献,发现目前市场传闻作用机制的研究主要是在理性框架下进行的;市场传闻会对交易行为产生显著影响,但这种影响发生的时间以及不同类型市场传闻对交易行为的影响程度,现有研究仍存分歧;对市场传闻的管理,要预防和善后并重。
Market rumor is a special information different from news, which may affect the participants’ trading behavior, which in turn causes the market price to fluctuate. This article summarizes, reviews and assesses the latest English literature on market rumors from the perspectives of the mechanism, effect and management of market rumors, and finds that the research on the market rumor mechanism is mainly conducted in a rational framework. However, the timing of this impact and the extent of the impact of different types of market rumors on the trading behavior still exist in disagreement with the existing research. The management of market rumors should be both preventive and aftercare.