Trial by Media: An Empirical Investigation of Corporate Reputation and Stock Returns in Australia

Elisabeth Sinnewe and Scott J. Niblock

Journal of Media Economics, 2015, vol. 28, issue 1, 41-60

Abstract: This article examines whether investors are able to generate abnormal risk-adjusted returns in the Australian market based on media-specific firm reputational factors under market uncertainty between 2004 and 2012. The findings suggest that after controlling for crisis-centric time periods and market risk factors, contrarian trading strategies produce abnormal returns for poor corporate reputation firms but not for their good corporate reputation counterparts. Corporate reputation may be a driver of performance for poorly performing Australian firms and could be considered a stimulus for trading activity due to its explanatory capabilities.

Date: 2015
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Citations: View citations in EconPapers (5)

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DOI: 10.1080/08997764.2014.997243

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