  |
|
|
||||
|
||||
CEO Interviews on CNBC
Felix Meschke University of Minnesota - Twin Cities - Carlson School of Management June 2004 AFA 2003 Washington, DC Meetings Abstract: This paper investigates whether media attention systematically affects stock prices by analyzing price and volume reactions to CEO interviews broadcast on CNBC between 1999 and 2001. We document a significant positive abnormal return of 1.65 percent accompanied by abnormally high trading volume on the day of the interview. After the interviews, prices exhibit strong mean reversion; over the following ten trading days, the cumulative abnormal return is negative 2.78 percent. These price dynamics suggest that the financial news media is able to generate transitory buying pressure by catching the attention of enthusiastic investors.
Keywords: CEO interviews, Financial news media, Investor behavior JEL Classifications: G14, G12 Working Paper SeriesDate posted: March 05, 2002 ; Last revised: June 17, 2004Suggested CitationContact Information
|
|
||||||||||||||||||||||
© 2009 Social Science Electronic Publishing, Inc. All Rights Reserved. Terms of Use Privacy Policy
This page was served by apollo2 in 0.093 seconds.
Download
Facebook
Twitter
Digg
Del.icio.us
CiteULike
