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Is public information really public? The role of newspapers

  • Riccardo Ferretti

    ()

  • Francesco Pattarin

    ()

Our paper offers evidence that printed media can affect stock prices by covering public news (nonevents) even without resorting to spin or emphasis. However, the price reaction is limited to small caps, suggesting that small investors still obtain public information mainly through newspapers. The absence of spin or emphasis is the core element that differentiates our study from existing evidence, making it unique, to the best of our knowledge, in the financial literature on the media and asset pricing.

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File URL: http://www.cefin.unimore.it/sites/default/files/Ferretti_Pattarin.pdf
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Paper provided by Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi" in its series Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) with number 08013.

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Length: pages 40
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:mod:wcefin:08013
Contact details of provider: Web page: http://www.economia.unimore.it
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