| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9653 |
| DP9653 The Media and the Diffusion of Information in Financial Markets: Evidence from Newspaper Strikes | |
| Joel PERESS | |
| 发表日期 | 2013-09-15 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | The media are increasingly recognized as key players in financial markets. I investigate their causal impact on trading and price formation by examining national newspaper strikes in several countries. Trading volume falls 12% on strike days. The dispersion of stock returns and their intraday volatility are reduced by 7%, while aggregate returns are unaffected. Moreover, an analysis of return predictability indicates that newspapers propagate news from the previous day. These findings demonstrate that the media contribute to the efficiency of the stock market by improving the dissemination of information among investors and its incorporation into stock prices. |
| 主题 | Financial Economics |
| 关键词 | Informational diffusion Media Market efficiency |
| URL | https://cepr.org/publications/dp9653 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538489 |
| 推荐引用方式 GB/T 7714 | Joel PERESS. DP9653 The Media and the Diffusion of Information in Financial Markets: Evidence from Newspaper Strikes. 2013. |
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