CEO Interviews on CNBC

64 Pages Posted: 23 Jan 2011 Last revised: 24 Nov 2014

See all articles by Y. Han (Andy) Kim

Y. Han (Andy) Kim

Sungkyunkwan University

Felix Meschke

University of Kansas - Finance Area

Multiple version iconThere are 2 versions of this paper

Date Written: August 11, 2014


We investigate whether media attention systematically affects stock prices through the trading of individual investors by exploiting the substantial discrepancy between perceived and actual information content of 6,937 CEO interviews on CNBC. The average cumulative abnormal stock return over the [-2, 0] trading day window is 1.62%, followed by reversion of 1.08% over the following ten trading days. The magnitude of price response is positively correlated with the viewership as well as the language tone of the CEO. Individual investors and short sellers are key drivers of the pricing pattern. We document evidence of information cascade coming from CNBC interviews.

Keywords: Market efficiency, investor attention, media, CEO interviews, Jim Cramer, Maria Bartiromo, individual investors

JEL Classification: G14, G12

Suggested Citation

Kim, Y. Han (Andy) and Meschke, Felix, CEO Interviews on CNBC (August 11, 2014). Fifth Singapore International Conference on Finance 2011, Available at SSRN: or

Y. Han (Andy) Kim (Contact Author)

Sungkyunkwan University ( email )

422 School of Business
25-2 SungKyunKwan-Ro, Jongno-ju
Seoul, 110-745
Korea, Republic of (South Korea)
+82-2-760-0622 (Phone)
+82-2-760-0622 (Fax)

HOME PAGE: http://

Felix Meschke

University of Kansas - Finance Area ( email )

Capitol Federal Hall
1654 Naismith Drive
Lawrence, KS 66045
United States
(347) 433-5495 (Phone)


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