CEO Interviews on Cnbc

49 Pages Posted: 5 Mar 2002

See all articles by Felix Meschke

Felix Meschke

University of Kansas - Finance Area

Multiple version iconThere are 2 versions of this paper

Date Written: June 2004

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 Classification: G14, G12

Suggested Citation

Meschke, Felix, CEO Interviews on Cnbc (June 2004). AFA 2003 Washington, DC Meetings. Available at SSRN: https://ssrn.com/abstract=302602 or http://dx.doi.org/10.2139/ssrn.302602

Felix Meschke (Contact Author)

University of Kansas - Finance Area ( email )

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

HOME PAGE: http://www.business.ku.edu/faculty/meschke-felix/

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