This paper builds a theoretical framework to endogeneize the editorial decisions of media and analyze their asset pricing implications. The media outlet optimally reports man-bites-dog signals by choosing to report about the firm that generates more uncertainty to investors. There are three main...

Information production from investment social networks around earnings announcements matters to price efficiency. Social networks' content is excessively optimistic and associated with buying pressure before announcements. Such pressure deviates prices away from fundamentals before negative news...