What do ads buy? Daily coverage of listed companies on the Italian press
Marco Gambaro () and
Riccardo Puglisi
European Journal of Political Economy, 2015, vol. 39, issue C, 41-57
Abstract:
We match daily data on newspaper coverage of a sample of Italian listed companies with monthly data on the amount of advertising that a given company has purchased on a given newspaper. Controlling for time-invariant features of each newspaper and of each company – and for ownership links between companies and newspapers – we show that newspaper coverage of a company is positively and significantly related with advertising expenditure by that company on that newspaper. The magnitude of this correlation is quite large: when controlling for ownership links, a standard deviation increase in monthly ads expenditure (i.e. 75,000 euros) is on average associated with 8 additional articles per month mentioning that company. We also find that coverage of a company is higher the day after a press release, but especially in newspapers where more ads are purchased. This result on press releases is robust to controlling for time invariant features of each company–newspaper pair, i.e. for (company×newspaper) fixed effects.
Keywords: Media bias; Advertising; Press releases; Stock returns; Italian press (search for similar items in EconPapers)
JEL-codes: D83 G11 L82 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (37)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0176268015000300
Full text for ScienceDirect subscribers only
Related works:
Working Paper: What Do Ads Buy? Daily Coverage of Listed Companies on the Italian Press (2010) 
Working Paper: What do ads buy? Daily coverage of listed companies on the Italian press (2009) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:poleco:v:39:y:2015:i:c:p:41-57
DOI: 10.1016/j.ejpoleco.2015.03.008
Access Statistics for this article
European Journal of Political Economy is currently edited by J. De Haan, A. L. Hillman and H. W. Ursprung
More articles in European Journal of Political Economy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().