The media is acknowledged as an important factor affecting stock performance, by either revealing new information or influencing the market sentiment. We probe into the attention effect through which negative media exposure can enhance investors’ awareness of stocks, and hence increase stock...

Media-aware stock performance has been a hot issue in asset pricing. Numerous studies have focused on the impact of news content. However, few studies have paid attention to the form of news releases. In this paper, using data from 126,784 news of Chinese listed companies from 2013-2018, we...