The Role of Corporate Governance News: Evidence from Italy

IF 2.2 3区经济学 Q2 BUSINESS, FINANCE

European Journal of Finance Pub Date : 2009-02-14 DOI:10.2139/ssrn.1343631

A. Carretta, Vincenzo Farina, Franco Fiordelisi, D. Martelli, Paola Schwizer

引用次数: 0

Abstract

Stock market prices reflect information on firms' business environments, operations and, in general, firms' fundamentals. Recently, various studies analyze the link between news coverage and stock prices showing that mass media has a significant impact on financial markets. This paper analyze the interactions between the mass media and the stock market focusing on corporate governance news release. By using a large sample of corporate governance news released between 2003 and 2007, we examine the link between abnormal stock returns and corporate governance news. We find evidence that stock returns are influenced by the semantic content of corporate governance news, by firm performance and health and by the interaction of these variables.

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公司治理新闻的作用:来自意大利的证据

股票市场价格反映了公司的商业环境、经营情况以及公司的基本情况。最近，各种研究分析了新闻报道和股票价格之间的联系，表明大众媒体对金融市场有重大影响。本文以公司治理新闻发布为研究对象，分析了大众传媒与股票市场的互动关系。本文以2003 - 2007年的公司治理新闻为样本，考察了股票异常收益与公司治理新闻之间的关系。我们发现有证据表明，股票收益受到公司治理新闻的语义内容、公司业绩和健康状况以及这些变量的相互作用的影响。

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

European Journal of Finance BUSINESS, FINANCE-

CiteScore

5.40

自引率

8.00%

发文量

期刊介绍： The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.