News media plays an important role in modern financial markets. In this paper, we analyse the role played by the news media in an historical financial market. Using The Times's coverage of companies listed on the London stock market between 1825 and 1870, we examine the determinants of media...

This paper uses the intensity of media coverage and trading records of retail investors to investigate the effect of media coverage on stock price bubbles. My analysis is based on a sample of intraday transactions from Chinese stock market and China Core Newspapers Full-text Database. In the...

This paper examines how news media affects stock prices and trading volumes in comparison with other information intermediaries over five years from 1 January 2006 to 31 December 2010. Trading volume and price changes of 100 small-cap stocks are analysed after a story appears about them in the...

We examine the impact of media coverage of the Capital Purchase Program (CPP) under the Troubled Assets Relief Program on the equity market valuation of participating bank holding companies (CPP banks). We document substantial negative coverage of the CPP and its participants over the five...

We examine the relationship between the tonality of news flow and the cross section of expected stock returns. We use a comprehensive definition of media coverage that includes both financial newspapers and mass media, represented by TV broadcasts. Using the total news flow with positive and...

We study how media coverage impacts pricing of IPOs around the world. Higher media coverage in the pre-IPO period leads to lower IPO initial returns. The effect is mitigated in countries with better financial reporting quality, greater shareholder rights protection, and more stringent media...