The kinks of financial journalism
发布时间:2013-12-06
Topic:
The kinks of financial journalism
Time:
星期四,2013-12-06 10:30-12:00
Venue:
Room 505, Datong Building West Huaihai Road 211, SAIF
Speaker:
Diego Garcia

This paper studies the content of financial news as a function of lagged stock market returns. As a proxy for media content we use positive and negative word counts from general financial news columns from the Wall Street Journal and the New York Times. Our empirical analysis allows us to discriminate between theories that predict hyping of good stock performance to those that emphasize negative news. Our evidence is conclusive: negative market returns taint the ink of typewriters, while positive returns barely do.