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Cited by 1,121

The DOI matches its Crossref record; 41 of the 41 references it cites were found in a registry or an index.

The Causal Impact of Media in Financial Markets

ENGELBERG, JOSEPH E., PARSONS, CHRISTOPHER A.·2011·The Journal of Finance
DOI 10.1111/j.1540-6261.2010.01626.x
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Abstract

Disentangling the causal impact of media reporting from the impact of the events being reported is challenging. We solve this problem by comparing the behaviors of investors with access to different media coverage of the same information event. We use zip codes to identify 19 mutually exclusive trading regions corresponding with large U.S. cities. For all earnings announcements of S&P 500 Index firms, we find that local media coverage strongly predicts local trading, after controlling for earnings, investor, and newspaper characteristics. Moreover, local trading is strongly related to the timing of local reporting, a particular challenge to nonmedia explanations.

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Metadata

Authors
ENGELBERG, J. E., & PARSONS, C. A.
Venue
The Journal of Finance
Publisher
Wiley
Published
2011-01-06
Volume
66
Issue
1
Pages
67-97
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2010.01626.x
OpenAlex
W3123093168
Cited by
1,121
References
41
FWCI
78.32
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: The Causal Impact of Media in Financial Markets. https://app.cochat.ai/papers/10.1111/j.1540-6261.2010.01626.x
The paper
ENGELBERG, J. E., & PARSONS, C. A. (2011). The Causal Impact of Media in Financial Markets. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2010.01626.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.