Discussion of earnings announcement promotions: A Yahoo Finance field experiment

• 成果类型: Article
• 署名作者: Engelberg, Joseph
• 署名单位: University of California System; University of California San Diego
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2018.08.005
• 发表日期: 2018
• 关键词: media slant; news; underreaction; BIAS

摘要

Lawrence et al. run a field experiment on Yahoo Finance which randomly promotes some earnings stories. They find that firms in promoted stories have higher contemporaneous returns. I begin by reviewing the media and finance literature and discuss the difficulty in solving the identification problem Lawrence et al. wish to solve. I then discuss how their results fit with existing theories of attention and suggest some changes that could help pin down which theory best explains the results. Finally, I discuss possible directions for future research. I would like to thank John Core (Editor) and participants at the 2017 Journal of Accounting and Economics conference for their comments and suggestions. All errors here are my own.