Media Coverage and Stock Returns: Evidence from Chinese Cross-Listed Firms

Chen Wang (), Rong Ding, Wenxuan Hou and Edward Lee
Additional contact information
Chen Wang: Xi’an Jiaotong-Liverpool University
Edward Lee: The University of Manchester

Chapter 9 in Experiences and Challenges in the Development of the Chinese Capital Market, 2015, pp 171-196 from Palgrave Macmillan

Abstract: Abstract The media, such as newspapers and TV broadcasting, serves as an important outlet for disseminating information to the general public. Because information covered in the media could be obtained from other sources, such information is regarded as “stale information” (Tetlock, 2008) or “second-hand information” (Davies and Canes, 1978). According to the semi-strong form of the Efficient Market Hypothesis (Fama, 1970, 1991), the stock price should immediately reflect all publicly available information, implying that the information provided by the media should have little effect on stock prices. However, recent studies show that the news covered by the media does have an impact on stock returns (Tetlock, 2007, 2008; Tetlock et al., 2008; Fang and Peress, 2009).

Keywords: Stock Market; Stock Price; Stock Return; Mutual Fund; Media Coverage (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (2)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
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:pal:palchp:978-1-137-45463-8_9

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137454638

DOI: 10.1057/9781137454638_9

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().