Can an unglamorous non-event affect prices? The role of newspapers

Andrea Cipollini, Francesco Pattarin, Andrea Cipollini, Riccardo Ferretti

Risultato della ricerca: Articlepeer review


Our paper offers evidence that the print media can affect stock prices by covering public information. After price-to-book value figures of Italian listed shares were first published on the major national financial newspaper, the prices of value stocks did, on average, show a positive reaction. The price reaction was limited to small caps stocks and disappeared within three weeks. Over the period of analysis, we could not find any abnormal behaviour of the returns of small and value stocks on other European markets. These findings support the view that newspapers play a role in disseminating information to small investors and grabbing their attention, even if news are continuously realeased by faster and more sophisticated media.
Lingua originaleEnglish
pagine (da-a)1-16
Numero di pagine16
RivistaCogent Economics and Finance
Stato di pubblicazionePublished - 2016

All Science Journal Classification (ASJC) codes

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