The business media disseminates managers' earnings guidance news more broadly or creates new information content on the guidance (Drake et al. 2014). We hypothesize that the media's information dissemination encourages managers to continue issuing earnings guidance because their intended...

We examine how media coverage's of Central Bank communications impact Jordanian stock market returns using both EWMA and GARCH models over the period 2000–2012. We investigate this fundamental impact of the media on financial markets by incorporating endogenous media news and analysis coverage...

We use the process through which insider trading (SEC Form 4) filings are made public to investigate whether media coverage affects the way securities markets assimilate news. To do this, we utilize recent changes in disclosure rules governing insider trades as well as the initiation of coverage...

Whether credit rating agencies provide investors with private credit risk information is a central yet open empirical question. I use the introduction of a new rating type by Standard & Poor's reflecting expected recovery outcomes to isolate the effect of the information component in credit...

We study association between macroeconomic news and stock market returns using the statistical theory of copulas, and a new comprehensive measure of news based on the indexing of news wires. We find the impact of economic news on equity returns to be nonlinear and asymmetric. In particular,...

I reexamine whether media articles with substantive editorial content inform the market's reaction to firms' earnings news. Using variation in earnings announcement coverage because of restructuring at The Wall Street Journal (WSJ), my analyses suggest that WSJ earnings articles improve price...

I show that news editors have state-dependent preference for different types of firms. Using the New York Times data and natural language processing techniques, I estimate the loadings of media coverage on eight common features of firms and construct the corresponding editor preference. I find...

Macroeconomic news announcements are elaborate and multi-dimensional. We consider a framework in which jumps in asset prices around macroeconomic news and monetary policy announcements reflect both the response to observed surprises in headline numbers and latent factors, reflecting other...

We show that the positive relation between firm-level cash-flow news and institutional ownership documented by Cohen (2002) is mostly driven by short-horizon investors. Short-term institutions trade to incorporate cash-flow related information into prices and potentially reduce under-reaction to...

Material news events can be potentially important sources of jumps in stock returns. We collect 21 million news articles associated with more than 9,000 publicly-traded companies and use textual analyses to derive measures to summarize the news. We find that stock return jumps (including...