The Impact of Corporate Media News on Market Valuation

Beatriz Cuellar-Fernandez, Yolanda Fuertes () and Jose Antonio Lainez-Gadea

Journal of Media Economics, 2010, vol. 23, issue 2, 90-110

Abstract: This article explores the influence of Web-based corporate reporting on the investors' valuation of companies in the information and communications technology industry. This study compiled 8,111 news items issued in the “Press Releases” tab of the firms' Web sites between January 2003 and April 2005, and analyzed what type of news items affects stock returns. The results show a positive price reaction to news regarding new customers, completion of acquisitions, strategic long-term decisions, and non-technological alliances. In contrast, the results show a negative price reaction to news regarding the launch of new or upgraded products.

Date: 2010
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DOI: 10.1080/08997764.2010.485541

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