The Impact of News Sources on Individual Investor Sell-Off Behavior During a Crisis: Bayesian Analysis of the Chinese Stock Market

This study analyzes the impact of financial information sources on fear-driven sell-off behavior among individual investors during the 2022 Chinese stock market crisis. Based on Mindsponge theory and the Bayesian Mindsponge Framework (BMF), the study uses a survey dataset of 1,451 individual investors in China to assess the extent to which different information sources influence sell-off trends during periods of significant market volatility.