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News Pressure, Public Image, and Firm Stock Market Value

Laguna, Marie-Aude (2009), News Pressure, Public Image, and Firm Stock Market Value, 24th Annual Congress of the European Economic Association, 2009-08, Barcelone, Espagne

Type
Communication / Conférence
Date
2009
Conference title
24th Annual Congress of the European Economic Association
Conference date
2009-08
Conference city
Barcelone
Conference country
Espagne
Metadata
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Author(s)
Laguna, Marie-Aude
Abstract (EN)
This paper examines the link between the intensity of news coverage, the news pressure, and stock market outcomes in the event of major corporate news announcements. Our first result is that stock market activity is related to the implications for the public of corporate news announcements, as measured by the intensity of news coverage. Our second result is that, since the 1990s, the news pressure mitigates the stock market response to corporate news announcements. This latter result is potentially due to the rise of information technologies during this period.
Subjects / Keywords
corporate news; stock market; news coverage
JEL
M30 - General
G30 - General
G14 - Information and Market Efficiency; Event Studies; Insider Trading
G12 - Asset Pricing; Trading Volume; Bond Interest Rates