Media abnormal tone, earnings announcements, and the stock market

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2022-11-01 DOI:10.1016/j.finmar.2021.100683

David Ardia , Keven Bluteau , Kris Boudt

引用次数: 4

Abstract

We conduct a tone-based event study to examine the aggregate abnormal tone dynamics in media articles around earnings announcements. We test whether they convey incremental information that is useful for price discovery for non-financial S&P 500 firms. The relation we find between the abnormal tone and abnormal returns suggests that media articles provide incremental information relative to the information contained in earnings press releases and earnings calls.

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媒体异常论调、盈利公告、股市

我们进行了一项基于语气的事件研究，以检验围绕盈利公告的媒体文章中的总体异常语气动态。我们测试它们是否传达了对非金融标普的价格发现有用的增量信息；500强企业。我们发现异常语气和异常回报之间的关系表明，相对于盈利新闻稿和盈利电话会议中包含的信息，媒体文章提供了增量信息。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.