Mass media has a significant impact on financial markets since news can contribute to the formation of investor expectations Our paper analysed the relationship between the ways of communication of governance news and the investors behaviour by analysing a large sample of corporate governance news published for the period 2003-2007. Our findings show that stock returns are influenced by semantic content of corporate governance news, company performance and health and by the interaction of these variables.
The impact of corporate governance press news on stock market returns
CARRETTA, ALESSANDRO;FIORDELISI, FRANCO;SCHWIZER, PAOLA GINA
2009
Abstract
Mass media has a significant impact on financial markets since news can contribute to the formation of investor expectations Our paper analysed the relationship between the ways of communication of governance news and the investors behaviour by analysing a large sample of corporate governance news published for the period 2003-2007. Our findings show that stock returns are influenced by semantic content of corporate governance news, company performance and health and by the interaction of these variables.
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