Abstract

http://ssrn.com/abstract=1526658
 
 

References (33)



 
 

Citations (3)



 


 



What do Ads Buy? Daily Coverage of Listed Companies on the Italian Press


Marco Gambaro


Università degli Studi di Milano - DEPA

Riccardo Puglisi


University of Pavia; University of Milan - Centro Studi Luca d'Agliano (LdA)

December 21, 2009


Abstract:     
We match data on the daily newspaper coverage of a sample of Italian listed companies with Nielsen data on the monthly amount of advertising that a given company has purchased on a given newspaper. Controlling for newspaper and company fixed effects, we show that newspaper coverage of a given company is positively related with the amount of ads purchased on that newspaper by that company. We also find that coverage of a company is higher the day after a press release, but especially so on newspapers where more ads are purchased. This result on press releases is robust to controlling for ownership links between newspapers and companies, and - more generally - controlling for time invariant features of each company-newspaper pair, i.e. for (company × newspaper) fixed effects.

Moreover, coverage is correlated with past day absolute return and trading volume, and this relationship appears to be steeper for those newspapers where more ads are purchased.

Number of Pages in PDF File: 30

Keywords: Media Bias, Advertising, Press Releases, Stock Returns, Italian Press

JEL Classification: K1, L2, N81

working papers series


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Date posted: December 21, 2009 ; Last revised: January 7, 2010

Suggested Citation

Gambaro, Marco and Puglisi, Riccardo, What do Ads Buy? Daily Coverage of Listed Companies on the Italian Press (December 21, 2009). Available at SSRN: http://ssrn.com/abstract=1526658 or http://dx.doi.org/10.2139/ssrn.1526658

Contact Information

Marco Gambaro
Università degli Studi di Milano - DEPA ( email )
Via Conservatorio, 7
I-20122 Milano
Italy
+39 02 5032 1501 (Phone)
+39 02 5032 1505 (Fax)
HOME PAGE: http://www.economia.unimi.it
Riccardo Puglisi (Contact Author)
University of Pavia ( email )
Corso Strada Nuova, 65
27100 Pavia, 27100
Italy
University of Milan - Centro Studi Luca d'Agliano (LdA) ( email )
Via P. Amedeo 34
Milano, Mi 20122
Italy
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