Stale Economic News, Media and the Stock Market PDF Download
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Author: Gene Birz
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
I employ a classification of headlines from newspapers and wire services to examine whether stalemacroeconomic news affects stock prices. Unlike with individual stocks, the cost of obtaininginformation about major economic releases is relatively low. Thus, stock prices should adjust toeconomic news announcements prior to their coverage in newspapers. I find statistically andeconomically significant relationship between stale news stories on unemployment and next week'sS&P 500 returns. This effect is then completely reversed during the following week. These findingsshow that investors are affected by salient information and support the hypothesis that investorsoverreact to stale macroeconomic news reported in newspapers.
Author: Gene Birz
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
I employ a classification of headlines from newspapers and wire services to examine whether stalemacroeconomic news affects stock prices. Unlike with individual stocks, the cost of obtaininginformation about major economic releases is relatively low. Thus, stock prices should adjust toeconomic news announcements prior to their coverage in newspapers. I find statistically andeconomically significant relationship between stale news stories on unemployment and next week'sS&P 500 returns. This effect is then completely reversed during the following week. These findingsshow that investors are affected by salient information and support the hypothesis that investorsoverreact to stale macroeconomic news reported in newspapers.
Author: Thomas Schuster
Publisher: Lexington Books
ISBN: 9780739113318
Category : Business & Economics
Languages : en
Pages : 170
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Book Description
In recent years there has been a great influx of sources for business and financial news, yet the hope that this financial media boom would lead to the democratization of the financial markets has not been realized. Thomas Schuster's The Markets and the Media explores why the expansion of economic communication has proven to be of only limited benefit, arguing that the financial media boom has had negative repercussions resulting in substantial costs for the individual as well as the systemic level.
Author: Nadine Strauß
Publisher:
ISBN: 9789463322881
Category :
Languages : en
Pages : 205
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Book Description
"This dissertation provides insights in explaining the interrelationships between news media and the stock market. First, the results show that first-hand economic news seems to induce stronger, and more immediate stock market reactions than already known public information. Second, public economic news appears to be related to smaller and more delayed stock market reactions. Third, daily news coverage about stocks seems to lag behind too much to be able to drive stock prices. Fourth, public corporate communication was found to affect intraday stock market reactions (e.g., quarterly earnings, new product), while, at the same time, market expectations appear to play a crucial role in how financial news gets interpreted and acted upon by market participants as well. Fifth, with regard to news characteristics, negative emotions and negative sentiment have been found to induce a downward trend in the stock prices, while relevant news and expert opinions seem to drive the stock market prices up. In addition, corporate news dealing with IPOs was seen to relate to the flotation performance of IPOs. Lastly, while social media have been identified to provide relevant financial information for the financial markets, the financial information system itself was found to be self-constitutive and self-referential. In line with this, a tendency of speculative reporting -or simply follow-up reporting - seems to have become common practice in online financial news. In this vein, this dissertation has made a crucial contribution to the field of financial communication, but also to related disciplines such as finance or economics."--Samenvatting auteur.
Author: Robert Tillman
Publisher:
ISBN: 0813536804
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
Enron, WorldCom, Global Crossing - the mere mention of these companies brings forth images of scandal, fraud, and large-scale corruption. But do these dark stars in media stories represent a few isolated cases or does their extensive nature of the misconduct provide evidence of a regulatory black hole in the so-called New Economy? In Pump and Dump: The Rancid Rules of the New Economy, Robert H. Tillman and Michael L. Indergaard argue that these scandals represent only the symptoms of corporate governance problem that began in the 1990s as New Economy pundits claimed that advances in technology and forms of business organization were changing the rules. A decade later, it looked more like a case of no rules. Endless revelations fraud in the wake of corporate bankruptcies left ordinary investors bewildered a employees with little or nothing. Tillman and Indergaard observe that victims were taken in by organized behavior that calls mind pump and dump schemes where shadowy swindlers push penny stocks. (financial analysts, bankers, and accountants) illegible] used powerful institutional levers to pump the value of stock - duping investors while insiders illegible] their holdings for fantastic profits. The authors explain how it was that so much of corporate America came to resemble a two securities scam by focusing on the rules that mattered in three critical industries - energy illegible] telecommunications, and dot-coms. Free-market hype and policies at the national level set the to While Wall Street wrapped itself in star-spangled packaging and celebrated its illegible] democratization, in the real halls of democracy congressional allies of business gutted protection for ordinary investors. In the regulatory vacuum that resulted, regulators and auditors who illegible] supposed to watch corporations instead promoted New Economy doctrines and worked with illegible] to endorse their firms as New Economy contenders. Ringleaders in the inner circles that illegible] fraud made their own rules, which they enforced through a mix of bribery and bullying. like Social illegible] Pump and Dump offers a path-breaking analysis of America's most urgent economic problems: a system that relies on self-regulation and the rancid politics that continue to support the short-term illegible] of financial elites over the long-term interests of most Americans.
Author: Nicholas Mangee
Publisher: Cambridge University Press
ISBN: 1108983588
Category : Business & Economics
Languages : en
Pages : 451
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Book Description
'Animal spirits' is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemics, relationships driving returns change in unforeseeable ways. To deal with uncertainty, investors engage in narratives which simplify the complexity of real-time, non-routine change. This book assesses the novelty-narrative hypothesis for the U.S. stock market by conducting a comprehensive investigation of unscheduled events using big data textual analysis of financial news. This important contribution to the field of narrative economics finds that major macro events and associated narratives spill over into the churning stream of corporate novelty and sub-narratives, spawning different forms of unforeseeable stock market instability.
Author: Marc Levinson
Publisher: The Economist
ISBN: 1541742516
Category : Business & Economics
Languages : en
Pages : 250
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Book Description
The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.
Author: Xavier Vives
Publisher: Princeton University Press
ISBN: 140082950X
Category : Business & Economics
Languages : en
Pages : 422
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Book Description
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts
Author: Jacques Frank Yates
Publisher:
ISBN:
Category : Psychology
Languages : en
Pages : 456
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Book Description
Author: Dominique Augey
Publisher: John Wiley & Sons
ISBN: 1119579724
Category : Social Science
Languages : en
Pages : 165
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Book Description
Digital information, particularly for online newsgathering and reporting, is an industry fraught with uncertainty and rapid innovation. Digital Information Ecosystems: Smart Press crosses academic knowledge with research by media groups to understand this evolution and analyze the future of the sector, including the imminent employment of bots and artificial intelligence. The book adopts an original and multidisciplinary approach to this topic: combining the science of media economics with the experience of a practicing journalist of a major daily newspaper. The result is an essential guide to the opportunities of the media to respond to a changing global digital landscape. Independent news reporting is vital in the contemporary democracy; the media must itself become a new “smart press”.
Author: Michael I. C. Nwogugu
Publisher: Springer Nature
ISBN: 3030714152
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
Economic recessions, social networks, environmental damage in several large countries (eg. China, Brazil, U.S.), the Global Financial Crisis of 2007-2015 and cross-border spillovers continue to significantly affect economic systems, financial markets, social structures and environmental compliance worldwide. These have rekindled economists’ and policy-makers’ interest in the relationships among constitutions, risk regulation, foreign aid, political systems, government size, credit expansion and sustainable growth. Risk regulation remains highly ineffective as manifested by the failures of new financial regulations and government stimulus programs that were implemented during 2007-2020 in many developed countries and emerging markets countries. This book, the first of two volumes, addresses these issues in the context of the role of constitutional economics and economic psychology as tools for national and global sustainable growth and risk management. Furthermore, this volume analyzes the often symbiotic relationship between alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents on one hand, and sustainable growth, financial regulation and the risk management of financial institutions on the other; and reviews the effects of constitutions and legal institutions on market dynamics (real estate; fixed-income, stocks; etc.) including volatility, market depth and liquidity. This book will help researchers develop better artificial intelligence and decision-systems models of geopolitical risk, public policy and international capital flows, all of which are increasingly relevant to investment managers, boards-of-directors and government officials.
