The influence of rumors in the stock market: a case study with Petrobras

被引：6
作者：
da Cruz, Fabio Marques [1 ]
Soares de Filgueiras Gomes, Maria Yeda Falcao [1 ]
机构：
[1] Univ Fed Bahia, Inst Ciencia Informacao, Programa Posgrad Ciencia Informacao, BR-40110100 Salvador, BA, Brazil
来源：
TRANSINFORMACAO | 2013年 / 25卷 / 03期
关键词：
Informal flows; Intangible capital; Price fluctuation; Rumor; Stock market; Tacit knowledge; PSYCHOLOGY;
D O I：
10.1590/S0103-37862013000300001
中图分类号：
G25 [图书馆学、图书馆事业]; G35 [情报学、情报工作];
学科分类号：
1205 ; 120501 ;
摘要：
This paper analyzes the influence of rumors on price fluctuations in the Stock Exchange of Sao Paulo between 2007 and 2011, through a case study with Petrobras, a company whose stock had the largest trading volume within the period. For this purpose we used the historical prices of cash market provided by the stock exchange. The communications in which Petrobras provides clarifications regarding unofficial information disclosed in the press were also collected from the stock exchange website. The analysis of these documents helped to create a diagram to represent the information about the rumors and categorize them by subject. This diagram was applied to a database to store the information collected from the company's communications. Then this information was retrieved to analyze the influence of rumors on price movements. The results confirm that the company's responses to rumors influence price fluctuations of its stock. At eagerness for information to dilute uncertainty, investors make decisions based on rumors betting on the credibility of the media that disclose them, even though knowing that the information is not always reliable.
引用
收藏
页码：187 / 193
页数：7
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