{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,12]],"date-time":"2026-01-12T16:15:53Z","timestamp":1768234553358,"version":"3.49.0"},"reference-count":36,"publisher":"MDPI AG","issue":"1","license":[{"start":{"date-parts":[[2026,1,12]],"date-time":"2026-01-12T00:00:00Z","timestamp":1768176000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72303111"],"award-info":[{"award-number":["72303111"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"name":"Philosophy and Social Sciences Foundation of the Jiangsu Higher Education Institutions of China","award":["2023SJYB0188"],"award-info":[{"award-number":["2023SJYB0188"]}]},{"name":"Research Start-up Project for Introduced Talents of Nanjing University of Information Science and Technology","award":["2024r020"],"award-info":[{"award-number":["2024r020"]}]},{"DOI":"10.13039\/501100012456","name":"National Social Science Foundation of China","doi-asserted-by":"publisher","award":["23BJL106"],"award-info":[{"award-number":["23BJL106"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Pan-Homophonic events denote fluctuations in stock prices that are triggered by phonetic similarities between event keywords and stock tickers. As a relatively novel and under-researched phenomenon, they mirror a subtle yet influential behavioral deviation within financial markets. Centering on the case of Chuandazhisheng, this study delves into how such events produce dynamic and time-varying impacts on stock prices. A linguistic amplitude segmentation method is devised to discriminate between high- and low-intensity events based on information entropy. To separate pan-homophonic-driven price movements from broader market trends, the Relational Stock Ranking (RSR) model is integrated with a Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) framework to establish an adjusted price benchmark. The empirical analysis reveals a sequential price response: initial moderate fluctuations in the low-amplitude phase often yield to more prominent volatility in the high-amplitude phase. While price surges typically occur within one or two days of the event, they generally revert within approximately three weeks. Moreover, repeated exposures to homo- phonic stimuli seem to attenuate the response, indicating a decaying spillover pattern. These findings contribute to a more profound understanding of the intersection between linguistic cues and market behavior and provide practical insights for investor education, information filtering, and regulatory supervision.<\/jats:p>","DOI":"10.3390\/e28010090","type":"journal-article","created":{"date-parts":[[2026,1,12]],"date-time":"2026-01-12T12:44:44Z","timestamp":1768221884000},"page":"90","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Quantifying the Linguistic Complexity of Pan-Homophonic Events in Stock Market Volatility Dynamics"],"prefix":"10.3390","volume":"28","author":[{"ORCID":"https:\/\/orcid.org\/0009-0009-4181-6931","authenticated-orcid":false,"given":"Yunfan","family":"Zhang","sequence":"first","affiliation":[{"name":"Department of FinTech, Nanjing University of Information Science and Technology, Nanjing 210044, China"}]},{"ORCID":"https:\/\/orcid.org\/0009-0000-6566-4236","authenticated-orcid":false,"given":"Jingqian","family":"Tian","sequence":"additional","affiliation":[{"name":"Department of FinTech, Nanjing University of Information Science and Technology, Nanjing 210044, China"},{"name":"Laboratory of Philosophy and Social Sciences at Universities in Jiangsu Province-Fintech and Big Data Laboratory of Southeast University, Southeast University, Nanjing 211189, China"}]},{"ORCID":"https:\/\/orcid.org\/0009-0004-2771-8853","authenticated-orcid":false,"given":"Yutong","family":"Zou","sequence":"additional","affiliation":[{"name":"Department of FinTech, Nanjing University of Information Science and Technology, Nanjing 210044, China"}]},{"given":"Xu","family":"Zhang","sequence":"additional","affiliation":[{"name":"Department of FinTech, Nanjing University of Information Science and Technology, Nanjing 210044, China"},{"name":"Laboratory of Philosophy and Social Sciences at Universities in Jiangsu Province-Fintech and Big Data Laboratory of Southeast University, Southeast University, Nanjing 211189, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7987-8155","authenticated-orcid":false,"given":"Xiao","family":"Cai","sequence":"additional","affiliation":[{"name":"Research Center of Applied Electromagnetics, Nanjing University of Information Science and Technology, Nanjing 210044, China"}]}],"member":"1968","published-online":{"date-parts":[[2026,1,12]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"383","DOI":"10.2307\/2325486","article-title":"Efficient Capital Markets: A Review of Theory and Empirical Works","volume":"25","author":"Fama","year":"1970","journal-title":"J. Financ."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"1645","DOI":"10.1111\/j.1540-6261.2006.00885.x","article-title":"Investor Sentiment and the Cross-Section of Stock Returns","volume":"61","author":"Baker","year":"2006","journal-title":"J. Financ."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"307","DOI":"10.1016\/S0304-405X(98)00027-0","article-title":"A Model of Investor Sentiment","volume":"49","author":"Barberis","year":"1998","journal-title":"J. Financ. Econ."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"1053","DOI":"10.1016\/S1574-0102(03)01027-6","article-title":"A Survey of Behavioral Finance","volume":"Volume 1","author":"Barberis","year":"2003","journal-title":"Handbook of the Economics of Finance"},{"key":"ref_5","first-page":"421","article-title":"Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?","volume":"71","author":"Shiller","year":"1981","journal-title":"Am. Econ. Rev."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"2143","DOI":"10.1111\/0022-1082.00184","article-title":"A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets","volume":"54","author":"Hong","year":"1999","journal-title":"J. Financ."},{"key":"ref_7","first-page":"108","article-title":"Pan-Harmonic Effect Research in China\u2019s Stock Market","volume":"38","author":"Du","year":"2019","journal-title":"Investg. Res."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"65","DOI":"10.1016\/j.jfineco.2016.05.006","article-title":"Are Friday Announcements Special? Overcoming Selection Bias","volume":"122","author":"Michaely","year":"2016","journal-title":"J. Financ. Econ."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"755","DOI":"10.1111\/ajfs.12030","article-title":"Investors\u2019 Herd Behavior: Rational or Irrational?","volume":"42","author":"Lin","year":"2013","journal-title":"Asia-Pac. J. Financ. Stud."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"785","DOI":"10.1093\/rfs\/hhm079","article-title":"All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors","volume":"21","author":"Barber","year":"2008","journal-title":"Rev. Financ. Stud."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"337","DOI":"10.1016\/j.jacceco.2003.10.002","article-title":"Limited Attention, Information Disclosure, and Financial Reporting","volume":"36","author":"Hirshleifer","year":"2003","journal-title":"J. Account. Econ."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"1124","DOI":"10.1126\/science.185.4157.1124","article-title":"Judgment under Uncertainty: Heuristics and Biases","volume":"185","author":"Tversky","year":"1974","journal-title":"Science"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"1839","DOI":"10.1111\/0022-1082.00077","article-title":"Investor Psychology and Security Market Under- and Overreactions","volume":"53","author":"Daniel","year":"1998","journal-title":"J. Financ."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"703","DOI":"10.1086\/261703","article-title":"Noise Trader Risk in Financial Markets","volume":"98","author":"Shleifer","year":"1990","journal-title":"J. Polit. Econ."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"9369","DOI":"10.1073\/pnas.0601071103","article-title":"Predicting Short-Term Stock Fluctuations by Using Processing Fluency","volume":"103","author":"Alter","year":"2006","journal-title":"Proc. Natl. Acad. Sci. USA"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"2320","DOI":"10.1017\/S0022109021000430","article-title":"Shadow Banking in a Crisis: Evidence from FinTech during COVID-19","volume":"56","author":"Bao","year":"2021","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"1139","DOI":"10.1111\/j.1540-6261.2007.01232.x","article-title":"Giving Content to Investor Sentiment: The Role of Media in the Stock Market","volume":"62","author":"Tetlock","year":"2007","journal-title":"J. Financ."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"1461","DOI":"10.1111\/j.1540-6261.2011.01679.x","article-title":"In Search of Attention","volume":"66","author":"Da","year":"2011","journal-title":"J. Financ."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"3515","DOI":"10.1111\/jofi.13281","article-title":"Attention Spillover in Asset Pricing","volume":"78","author":"Chen","year":"2023","journal-title":"J. Financ."},{"key":"ref_20","first-page":"21","article-title":"Online Search Activities and Investor Attention on Financial Markets","volume":"24","author":"Chen","year":"2019","journal-title":"Asia Pac. Manag. Rev."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1198\/073500102288618487","article-title":"Dynamic Conditional Correlation: A Simple Class of Multivariate Generalized Autoregressive Conditional Heteroskedasticity Models","volume":"20","author":"Engle","year":"2002","journal-title":"J. Bus. Econ. Stat."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"307","DOI":"10.1016\/0304-4076(86)90063-1","article-title":"Generalized Autoregressive Conditional Heteroskedasticity","volume":"31","author":"Bollerslev","year":"1986","journal-title":"J. Econom."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"27","DOI":"10.1145\/3309547","article-title":"Temporal Relational Ranking for Stock Prediction","volume":"37","author":"Feng","year":"2019","journal-title":"ACM Trans. Inf. Syst."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1016\/0304-405X(85)90042-X","article-title":"Using Daily Stock Returns: The Case of Event Studies","volume":"14","author":"Brown","year":"1985","journal-title":"J. Financ. Econ."},{"key":"ref_25","first-page":"13","article-title":"Event Studies in Economics and Finance","volume":"35","author":"MacKinlay","year":"1997","journal-title":"J. Econ. Lit."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"158","DOI":"10.1111\/j.1468-0297.2008.02208.x","article-title":"Measuring Financial Asset Return and Volatility Spillovers, with Application to Global Equity Markets","volume":"119","author":"Diebold","year":"2009","journal-title":"Econ. J."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"987","DOI":"10.2307\/1912773","article-title":"Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of UK Inflation","volume":"50","author":"Engle","year":"1982","journal-title":"Econometrica"},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"654","DOI":"10.1016\/j.ejor.2017.11.054","article-title":"Deep Learning with Long Short-Term Memory Networks for Financial Market Predictions","volume":"270","author":"Fischer","year":"2018","journal-title":"Eur. J. Oper. Res."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"052037","DOI":"10.1088\/1757-899X\/569\/5\/052037","article-title":"AT-LSTM: An Attention-Based LSTM Model for Financial Time Series Prediction","volume":"569","author":"Zhang","year":"2019","journal-title":"IOP Conf. Ser. Mater. Sci. Eng."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"689","DOI":"10.1016\/j.ejor.2016.10.031","article-title":"Deep Neural Networks, Gradient-Boosted Trees, Random Forests: Statistical Arbitrage on the S&P 500","volume":"259","author":"Krauss","year":"2017","journal-title":"Eur. J. Oper. Res."},{"key":"ref_31","doi-asserted-by":"crossref","unstructured":"Yu, B., Yin, H., and Zhu, Z. (2017). Spatio-Temporal Graph Convolutional Networks: A Deep Learning Framework for Traffic Forecasting. arXiv.","DOI":"10.24963\/ijcai.2018\/505"},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"e1057","DOI":"10.7717\/peerj-cs.1057","article-title":"GCN-Based Stock Relations Analysis for Stock Market Prediction","volume":"8","author":"Zhao","year":"2022","journal-title":"PeerJ Comput. Sci."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"119236","DOI":"10.1016\/j.ins.2023.119236","article-title":"Stock Ranking Prediction Using a Graph Aggregation Network Based on Stock Price and Stock Relationship Information","volume":"643","author":"Song","year":"2023","journal-title":"Inform. Sci."},{"key":"ref_34","first-page":"399","article-title":"An Introduction to Wavelets and Other Filtering Methods in Finance and Economics","volume":"12","author":"Whitcher","year":"2002","journal-title":"World Sci."},{"key":"ref_35","first-page":"547","article-title":"On Measures of Entropy and Information","volume":"Volume 1","year":"1961","journal-title":"Contributions to the Theory of Statistics, Proceedings of the Fourth Berkeley Symposium on Mathematical Statistics and Probability, Berkeley, CA, USA, 20 June\u201330 July 1960"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"114543","DOI":"10.1016\/j.chaos.2024.114543","article-title":"Fractal Properties, Information Theory, and Market Efficiency","volume":"180","author":"Brouty","year":"2024","journal-title":"Chaos Solitons Fractals"}],"container-title":["Entropy"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/1099-4300\/28\/1\/90\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,1,12]],"date-time":"2026-01-12T12:48:31Z","timestamp":1768222111000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/1099-4300\/28\/1\/90"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,1,12]]},"references-count":36,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2026,1]]}},"alternative-id":["e28010090"],"URL":"https:\/\/doi.org\/10.3390\/e28010090","relation":{},"ISSN":["1099-4300"],"issn-type":[{"value":"1099-4300","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,1,12]]}}}