Behavior of Financial Markets Around News Announcements: A Review Based on Bibliometric Analysis of Scientific Fields

Neenu C and T Mohamed Nishad

The Review of Finance and Banking, 2022, vol. 14, issue 2, 143-172

Abstract: This study analyses existing literature about investor behavior around news announcements. We use bibliometric analysis to explore the evolution and development in this theme. We analyze 815 research articles collected from Scopus database from 1992 to 2021 through bibliometric measurements and social networks using Vosviewer. We find that the number of studies examining investor behavior in response to news announcements has been steadily increasing over time, particularly since 2008. Further, the study highlighted influential authors, countries, institutions, impactful journals, and top articles in this theme. To identify the research gap to propose agenda for future research, the study conducted clustering and factor analysis of main studies and themes in this literature. Majority of the studies has focused on the impact of news announcements on stock market and individual investor sentiment, particularly herd behavior of investors. Even though many researchers tried to investigate different aspects of investor behavior around corporate and macroeconomic news announcements, to the best of our knowledge, no studies have been conducted to evaluate the performance and trends in this theme. This study significantly contributes to the financial literature dedicated to news announcements by analyzing the trend and pattern of publication in this theme and helping researchers and other participants in the financial market to get insight in this theme and to conduct future studies.

Date: 2022
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