کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5034765 1471705 2017 50 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Stale economic news, media and the stock market
ترجمه فارسی عنوان
اخبار اقتصادی، رسانه ها و بازار سهام
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری بازاریابی و مدیریت بازار
چکیده انگلیسی
I employ a classification of headlines from newspapers and wire services to examine whether stale macroeconomic news affects stock prices. Unlike with individual stocks, the cost of obtaining information about major economic releases is relatively low. Thus, stock prices should adjust to economic news announcements prior to their coverage in newspapers. I find statistically and economically significant relationship between stale news stories on unemployment and next week's S&P 500 returns. This effect is then completely reversed during the following week. These findings show that investors are affected by salient information and support the hypothesis that investors overreact to stale macroeconomic news reported in newspapers.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Psychology - Volume 61, August 2017, Pages 87-102
نویسندگان
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