The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.
Selective Publicity and Stock Prices
Open accessAbstract
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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Cites
The economic implications of corporate financial reporting
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Corporate Governance and Equity Prices
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When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks
LOUGHRAN, T., & MCDONALD, B. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01625.x · Cited by 6,015
A Simple Model of Capital Market Equilibrium with Incomplete Information
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Cited by
Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media
Chen, H., De, P., Hu, Y. (., & Hwang, B.-H. (2014) · Review of Financial Studies · doi:10.1093/rfs/hhu001 · Cited by 1,251
Corporate social responsibility and media coverage
Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2015.07.004 · Cited by 365
Metadata
- Authors
- SOLOMON, D. H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2012-03-27
- Volume
- 67
- Issue
- 2
- Pages
- 599-638
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2167879366
- Cited by
- 369
- References
- 38
- FWCI
- 37.68
- Type
- journal article
- Language
- en
- Open access
- green
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