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Influence Factors of Investors′ Reaction to Market Rumors:The Role of Rumor Accuracy and Source Media Authority

Rumors in market place have different characteristics.However,the impacts of rumor characteristics on investors are still unclear.The paper carries out a study on rumor accuracy and source media authority based on the negative rumors in China′s A-share market.The results show that: Rumor accuracy can influence investors′ transaction,the more accurate the rumor,the more intense reaction from investors.But this conclusion is only valid for the rumors released from authoritative media for investors can correctly predict the accuracy of rumors through authoritative media,but can not predict through non-authoritative media.The conclusions reveal the mechanisms of rumor characteristics in market place,and also have important practical significance to investors and securities regulators.