Individual investors' paid news subscriptions

• 成果类型: Article
• 署名作者: Green, Jeremiah; Kim, Eunjee; Lourie, Ben; Zhu, Chenqi
• 署名单位: Texas A&M University System; Texas A&M University College Station; Mays Business School; University of California System; University of California Irvine
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653; 1573-7136
• DOI: 10.1007/s11142-026-09961-4
• 发表日期: 2026-09
• 页码: 1714-1749
• 关键词: news; Subscriptions; individual; investors; G5; M5; L8; business press; media; INFORMATION; MARKETS; pay

摘要

We study individual investors' paid news subscriptions. Among individual investors, only 4% of individual-quarters include a news subscription, and 1.2% include a financial news subscription. These low rates mask substantial variation across news sources and over time. Within financial news, approximately 30% of aggregate subscription dollars are spent on crowdsourced news, with the remaining 70% spent on traditional financial news. Subscription dollars vary over time, with crowdsourced news at times matching or exceeding traditional financial news. We also find that subscriptions are correlated with capital market activity. Aggregated payments for subscriptions, particularly for crowdsourced news, are correlated with stock market valuation, trading volume, and investment. Similarly, within individuals, the association between subscriptions and investment is driven primarily by crowdsourced news: subscribing is associated with a $280 increase in quarterly investment. Overall, our findings highlight variation in individual investors' news subscriptions and their correlated investment activities.