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"Wirtschaftszeitschrift"
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Media Makes Momentum
Relying on 2.2 million articles from forty-five national and local U.S. newspapers between 1989 and 2010, we find that firms particularly covered by the media exhibit, ceteris paribus, significantly stronger momentum. The effect depends on article tone, reverses in the long run, is more pronounced for stocks with high uncertainty, and is stronger in states with high investor individualism. Our findings suggest that media coverage can exacerbate investor biases, leading return predictability to be strongest for firms in the spotlight of public attention. These results collectively lend credibility to an overreaction-based explanation for the momentum effect.
Journal Article
Journalists and the Stock Market
We use exogenous scheduling of Wall Street Journal columnists to identify a causal relation between financial reporting and stock market performance. To measure the media's unconditional effect, we add columnist fixed effects to a daily regression of excess Dow Jones Industrial Average returns. Relative to standard control variables, these fixed effects increase the R² by about 35%, indicating each columnist's average persistent \"bullishness\" or \"bearishness.\" To measure the media's conditional effect, we interact columnist fixed effects with lagged returns. This increases explanatory power by yet another one-third, and identifies amplification or attenuation of prevailing sentiment as a tool used by financial journalists.
Journal Article
The Role of the Business Press as an Information Intermediary
This paper investigates whether the business press serves as an information intermediary. The press potentially shapes firms' information environments by packaging and disseminating information, as well as by creating new information through journalism activities. We find that greater press coverage reduces information asymmetry (i. e., lower spreads and greater depth) around earnings announcements, with broad dissemination of information having a bigger impact than the quantity or quality of press-generated information. These results are robust to controlling for firm-initiated disclosures, market reactions to the announcement, and other information intermediaries. Our findings suggest that the press helps reduce information problems around earnings announcements.
Journal Article
Corporate Fraud and Managers' Behavior: Evidence from the Press
Based on evidence from press articles covering 39 corporate fraud cases that went public during the period 1992-2005, the objective of this article is to examine the role of managers' behavior in the commitment of the fraud. This study integrates the fraud triangle (FT) and the theory of planned behavior (TPB) to gain a better understanding of fraud cases. The results of the analysis suggest that personality traits appear to be a major fraud-risk factor. The analysis was further validated through a quantitative analysis of keywords which confirmed that keywords associated with the attitudes/rationalizations component of the integrated theory were predominately found in fraud firms as opposed to a sample of control firms. The results of the study suggest that auditors should evaluate the ethics of management through the components of the TPB: the assessment of attitude, subjective norms, perceived behavioral control and moral obligation. Therefore, it is potentially important that the professional standards that are related to fraud detection strengthen the emphasis on managers' behavior that may be associated with unethical behavior.
Journal Article
Do Ads Influence Editors? Advertising and Bias in the Financial Media
The independence of editorial content from advertisers' influence is a cornerstone of journalistic ethics. We test whether this independence is observed in practice. We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national newspapers. Our tests control for numerous fund characteristics, total advertising expenditures, and past mentions. While positive mentions significantly increase fund inflows, they do not successfully predict returns. Future returns are similar for the funds we predict would have been mentioned in the absence of bias, suggesting that the cost of advertising bias to readers is small.
Journal Article
A Unifying Enlightenment
Half Title -- Series Information -- Title Page -- Copyright Page -- Dedication -- Contents -- Preliminary Note -- Introduction -- Chapter 1 Merchants' Handbooks (1699-1759): Educate, Inform, Reform -- 1 Introduction -- 2 From Pérez de Moya to Corachán -- 3 From Corachán to Bordázar -- 4 The Financiers' Revolt -- 5 Other Channels of Mercantile Information -- 6 Final Remarks -- Chapter 2 Graef's Discursos Mercuriales (1752-1756) and the Origins of the Economics Press in Spain -- 1 Introduction: Graef and the Discursos Mercuriales -- 2 The 1755 Discurso Preliminar -- 3 The Chief Source of the Discursos: The Journal Oeconomique -- 4 Oikonomia in the Discursos Mercuriales -- 5 From Oikonomia to the \"Science of Commerce:\" The Discourse on Commerce in General (1755-1756) -- 6 Final Remarks -- Chapter 3 Political Economy in the Spectators Era of the Spanish Press (1758-1771) -- 1 Introduction -- 2 Nifo and the Estafeta de Londres (1762) -- 3 Nifo and the Correo General de Europa (1763) -- 4 The Miscelánea Política (1763) by Barberi -- 5 The Saura´s Semanario Económico (1765-1767) -- 6 Final Remarks -- Chapter 4 Decentralising the Ilustración, Disseminating the Political Economy -- 1 Introduction -- 2 The Trade Consulates and Economic Societies -- 3 The Memorias of the Economic Societies -- 4 Going beyond the Memorias of the Economic Societies -- 5 Economic Societies and the Promotion of the Economic Press -- 6 Final Remarks -- Chapter 5 Commerce and Political Economy Dictionaries -- 1 Introduction -- 2 Oikonomia and Commerce in the Encyclopaedic Literature of Eighteenth Century Europe -- 3 A Commerce Dictionary in Spain: The Project Phase -- 4 A Commerce Dictionary in Spain: The Creation Phase -- 5 Encyclopaedic Literature: The Encyclopédies Compiled by Diderot and D'Alembert and Panckoucke -- 6 Final Remarks.
Book
The role of the business press in the pricing of analysts’ recommendation revisions
We investigate the information-dissemination role of the business press by examining the coverage of analyst recommendation revisions. Consistent with the press providing wider dissemination of analyst reports, we find evidence that coverage of analyst recommendation revisions significantly increases the initial market reaction to these revisions and decreases the subsequent price drift. Furthermore, we find that news flash coverage, rather than in-depth coverage, of a recommendation revision drives both the initial market reaction results and drift results. Finally, we show that broader press coverage influences the activities of large-trade institutional investors but not high-frequency traders. Overall, our findings suggest a complementary role between analysts and the business press: increased dissemination of recommendation revisions, rather than information creation on the part of the business press, serves to better inform the market about analyst recommendation revision decisions.
Journal Article