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This paper analyzed the influence of the media report framework on the information content in the stock price and the influence of the investor's heterogeneous belief on this effect. The empirical results showed that: The number of media reports woud increase the company's characteristic information content in the stock price, and negative reports had a stronger effect. The higher the degree of investors' heterogeneous beliefs, the more significant the media report had on the improvement of information content in stock price.

The Influence of the Media Reports Framework on the Stock Price Information Content under the Investor’s Heterogeneous Belief