Autori: Elvira Anna Graziano
Tipologia: contributo in volume
Titolo volume: International Journal of Market and Business Systems
Volume/Numero/Pagine: vol. 2, n.2, pp. 157-170
Editore: InderScience Publishers
Anno di pubblicazione: 2016
ISSN (online): 2056-4120
ISSN (print): 2056-4112
DOI: 10.1504/IJMABS.2016.10001066
Abstract:
Building on the pioneering study by Covey (1999), this paper addresses a central question: according to the iceberg model of system thinking, can media play a relevant role in the financial market structure and hence influence the behaviour of investors? This study identifies specialised press as a key-player in the financial market. Through analysis with an event study approach, the effect of publication of spin-off news in The Wall Street Journal (WSJ) between 2000 and 2013 on the abnormal returns of 179 listed companies has produced the following results: 1) top newspapers seem to affect stock prices while not providing any new information, when publication follows the announcement; 2) top newspapers have a significant impact on the behaviour of investors, when the publication of news precedes the spin-off announcement.