Voice or Noise? Repetitive Information and Stock Performance

Media-aware stock performance has been a hot issue in asset pricing. Numerous studies have focused on the impact of news content. However, few studies have paid attention to the form of news releases. In this paper, using data from 126,784 news of Chinese listed companies from 2013-2018, we validate the impact of repetitive information on the stock market and find an inverted U-shaped relationship between them, which can be explained by the "echo chamber" effect and the information technology "abuse" hypothesis. Moreover, further research finds that this inverted U-shaped relationship is influenced by investor attention, media sources, and news sentiment