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The direction of media influence: Real-estate news and the stock market

Author

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  • Walker, Clive B.

Abstract

This paper uses a novel identification strategy to test the influence of news media on the stock market. Because the stock market does not impact the media coverage of the housing market, a relationship between real-estate news and shares of companies engaged in the housing market is attributable media influence. I find that the content of reporting exhibits a significant relationship with stock returns, and the amount of news with the number of trades. These relationships exist even after controlling for known risk factors, housing market performance and intra-week correlation. This finding is consistent with the function of the media as a source of information and sentiment in financial markets.

Suggested Citation

  • Walker, Clive B., 2016. "The direction of media influence: Real-estate news and the stock market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 10(C), pages 20-31.
    • Handle: RePEc:eee:beexfi:v:10:y:2016:i:c:p:20-31
    DOI: 10.1016/j.jbef.2016.02.001
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    Citations

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    Cited by:

    1. Francisco Guijarro & Ismael Moya-Clemente & Jawad Saleemi, 2021. "Market Liquidity and Its Dimensions: Linking the Liquidity Dimensions to Sentiment Analysis through Microblogging Data," JRFM, MDPI, vol. 14(9), pages 1-12, August.
    2. Vartanov, Sergey, 2020. "Стратегический Подход К Анализу Медиасистемы России [A strategic approach to Russian media system analysis]," MPRA Paper 105224, University Library of Munich, Germany.
    3. Vartanov, Sergey, 2020. "Производство, Потребление И Медиа: К Постановке Модели Трехстороннего Рынка [Production, consumption and media: towards formulating a three-sided market model]," MPRA Paper 104553, University Library of Munich, Germany.

    More about this item

    Keywords

    Media; Housing; News; Bubble; Stock market; Real-estate;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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