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


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.


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