收益
失望
宣传
库存(枪支)
媒体报道
业务
负面信息
货币经济学
情感(语言学)
股票价格
经济
金融经济学
广告
财务
营销
心理学
机械工程
社会心理学
古生物学
沟通
社会学
系列(地层学)
认知心理学
工程类
媒体研究
生物
标识
DOI:10.1111/j.1540-6261.2012.01726.x
摘要
ABSTRACT I examine how media coverage of good and bad corporate news affects stock prices, by studying the effect of investor relations (IR) firms. I find that IR firms “spin” their clients' news, generating more media coverage of positive press releases than negative press releases. This spin increases announcement returns. Around earnings announcements, however, IR firms cannot spin the news and their clients' returns are significantly lower. This pattern is consistent with positive media coverage increasing investor expectations, creating disappointment around hard information. Using reporter connections and geographical links, I argue that IR firms causally affect both media coverage and returns.
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