Using a comprehensive database of corporate news, we find that bond funds trade against the direction of news sentiment. The trading against news phenomenon is concentrated in funds selling on positive news and in the post-financial crisis period when dealer liquidity provision is constrained....

Using a comprehensive database of corporate news, we examine how bond mutual funds trade on the sentiment of news releases. We find that bond funds trade against the direction of news sentiment (e.g., selling after good news about a firm). The results are more pronounced in bonds that lie within...

We examine institutional trading surrounding corporate news by combining a comprehensive database of newswire releases on U.S. firms with a high-frequency database of institutional trades. To identify the ability of institutions to predict or quickly interpret news, we form “news clusters”...

We examine whether and how the general supply of firm information via media news sources influences equity analysts' earnings forecast revisions (EFRs). Combining large databases of U.S. firm-specific public news stories and individual sell-side equity analysts' EFRs from 2000 to 2010, we find...

Does mobile internet distract “connected investors” from participating in financial markets? We examine this limited attention hypothesis using exogenous outages of the Blackberry Internet Service (BIS). We find that trading volume and trading frequency surge by 6% on days when BIS...