Do Information Quantity and Transmission Make a Difference to the Stable Contrarian

We study how financial transparency and media coverage work in the Chinese stock markets. In this paper, transparency means information quantity, while media means information transmission. The market has negative momentum profits no matter how transparency or media coverage changes, which suggests that transparency or media coverage does not work individually in China. High transparency and high media coverage make significantly positive momentum profits, whereas low transparency and low media coverage make significantly negative momentum profits. These outcomes show that transparency and media coverage work jointly in China. Our findings imply that information quantity and transmission are both crucial in China.