語言多樣性與動能效應國際實證研究

International Empirical Research on Linguistic Diversity and Momentum Effect

李旻赬(Min-Cheng Lee)

指導教授 ： 張晏誠

國立臺灣大學/管理學院/財務金融學研究所/碩士(2022年)

https://doi.org/10.6342/NTU202200977

摘要

本文從社會的角度衡量意見分歧，以語言多樣性指數作為意見分歧程度的量化指標，利用跨國實證資料說明高度的意見分歧將伴隨動能效應。實證結果顯示，語言多樣性在短期內與動能效應具正向關聯性。此外，相較大公司而言，規模較小的公司會有較為明顯的效果。最後，為驗證語言多樣性可以量化意見分歧程度，於文末使用交易量作為意見分歧程度指標，並呈現語言多樣性指數與交易量的正向連結。研究中所有實證結果皆與過去文獻中的漸進資訊流理論相符，為此理論運用於解釋全球各國動能差異時，提供實證上的支持。

關鍵字

語言多樣性 ； 動能效應 ； 意見分歧 ； 漸進資訊流 ； 交易量

並列摘要

This paper measures disagreement from social perspective and uses linguistic diversity index as a quantitative indicator for disagreement. Using international empirical data, it is shown that a high degree of disagreement is accompanied by a momentum effect. The empirical results show that lingustic diversity is positively correlated with the momentum effect in the short term. In addition, small companies have a bigger impact than larger ones. Finally, in order to verify that linguistic diversity can quantify the degree of disagreement, turnover is used as the indicator for disagreement in the end of the paper, and the positive correlation between linguistic diversity index and turnover is shown. All empirical results are consistent with theory of gradual information flow in the previous studies, which provides empirical support for application of this theory to explain the differences degree of momentum effect among different countries around the world.

並列關鍵字

Linguistic Diversity ； Momentum Effect ； Disagreement ； Gradual Information Flow ； Turnover

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