近日，北京大学市场经济研究中心特聘研究员李少然助理教授与合作者的合作论文《Diamond Cuts Diamond: News Co-mention Momentum Spillover Prevails in China》在经济学领域核心期刊《Journal of Banking and Finance》2025年2月正式发表。

　　摘要：We conduct a comprehensive study on momentum spillovers in the Chinese stock market using various types of economic linkages, with particular attention to momentum spillover via news co-mention linkages. We utilize millions of Chinese business news articles and develop a flexible and innovative algorithm to identify linkages among listed firms. We find that news co-mention momentum spillover is stronger than others, unifying various forms of momentum spillover effects in the Chinese market and replacing the role of analyst co-coverage in the U.S. News co-mention identifies a wide range of economically important linkages, particularly recovering more cross-industry linkages than other link identification methods, which contributes to its strong performance.