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


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). Available at SSRN: or

Felix Meschke (Contact Author)

University of Kansas - Finance Area ( email )

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