Our paper offers evidence that printed media can affect stock prices by covering public news (nonevents) even without resorting to spin or emphasis. However, the price reaction is limited to small caps, suggesting that small investors still obtain public information mainly through newspapers. The absence of spin or emphasis is the core element that differentiates our study from existing evidence, making it unique, to the best of our knowledge, in the financial literature on the media and asset pricing.
Ferretti, R. e F., Pattarin. "Is public information really public? The role of newspapers." Working paper, CEFIN WORKING PAPERS, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2008. https://doi.org/10.25431/11380_641264
Is public information really public? The role of newspapers.
Ferretti, R.;Pattarin, F.
2008
Abstract
Our paper offers evidence that printed media can affect stock prices by covering public news (nonevents) even without resorting to spin or emphasis. However, the price reaction is limited to small caps, suggesting that small investors still obtain public information mainly through newspapers. The absence of spin or emphasis is the core element that differentiates our study from existing evidence, making it unique, to the best of our knowledge, in the financial literature on the media and asset pricing.
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