Abstract
The media has
developed rapidly in recent years. The adjustment of target price is the
important basis of investors when they make a decision of investment. This
research explores the information content of the target price set up by foreign
investors, which was released through social media and traditional media from
June 2017 to June 2018. This research utilizes event study to determine whether
if the investors get profits or not. The empirical result shows that the target
price cannot provide significant abnormal returns to investors.
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