Discussion of “earnings announcement promotions: A Yahoo Finance field experiment”

Joseph Engelberg

Journal of Accounting and Economics, 2018, vol. 66, issue 2, 415-418

Abstract: Lawrence et al. run a field experiment on Yahoo Finance which randomly promotes some earnings stories. They find that firms in promoted stories have higher contemporaneous returns. I begin by reviewing the media and finance literature and discuss the difficulty in solving the identification problem Lawrence et al. wish to solve. I then discuss how their results fit with existing theories of attention and suggest some changes that could help pin down which theory best explains the results. Finally, I discuss possible directions for future research.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jaecon:v:66:y:2018:i:2:p:415-418

DOI: 10.1016/j.jacceco.2018.08.005

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