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This paper analyzed the influence of the media coverage framework on the efficiency of resource allocation and the influence of the investor's heterogeneous belief on this effect. The empirical results showed that: The number of media reports would increase the efficiency of resource allocation, while negative reports would enhance this role. The higher the degree of investors' heterogeneous beliefs, the less effect the media coverage had on the efficiency of resource allocation.

The Influence of the Media Coverage Framework on the Efficiency of Resource Allocation under the Heterogeneous Belief of Investors