What Do Ads Buy? Daily Coverage of Listed Companies on the Italian Press

Marco Gambaro and Riccardo Puglisi
Authors registered in the RePEc Author Service: Marco Gambaro () and Riccardo Puglisi

No 2010/26, RSCAS Working Papers from European University Institute

Abstract: We match data on the daily newspaper coverage of a sample of Italian listed companies with Nielsen data on the monthly amount of advertising that a given company has purchased on a given newspaper. Controlling for newspaper and company fixed effects, we show that newspaper coverage of a given company is positively related with the amount of ads purchased on that newspaper by that company. We also find that coverage of a company is higher the day after a press release, but especially so on newspapers where more ads are purchased. This result on press releases is robust to controlling for ownership links between newspapers and companies, and -more generally- controlling for time invariant features of each company-newspaper pair, i.e. for (company × newspaper) fixed effects.. Moreover, coverage is correlated with past day absolute return and trading volume, and this relationship appears to be steeper for those newspapers where more ads are purchased. .

Keywords: Media Bias; Advertising; Press Releases; Stock Returns; Italian Press (search for similar items in EconPapers)
Date: 2010-01-29
New Economics Papers: this item is included in nep-cul
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Related works:
Journal Article: What do ads buy? Daily coverage of listed companies on the Italian press (2015)
Working Paper: What do ads buy? Daily coverage of listed companies on the Italian press (2009)
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