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dc.contributor.advisorS.P. Kothari and Eric So.en_US
dc.contributor.authorGuest, Nicholas Men_US
dc.contributor.otherSloan School of Management.en_US
dc.date.accessioned2018-09-17T15:53:51Z
dc.date.available2018-09-17T15:53:51Z
dc.date.copyright2018en_US
dc.date.issued2018en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/118014
dc.descriptionThesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2018.en_US
dc.descriptionCataloged from PDF version of thesis.en_US
dc.descriptionIncludes bibliographical references (pages 79-84).en_US
dc.description.abstractI examine whether the market's reaction to firms' earnings news varies with analysis (or editorial content) produced by financial journalists. A series of natural experiments at The Wall Street Journal (WSJ) suggests that WSJ articles increase trading volume and improve price discovery at S&P 500 earnings announcements. The effects are stronger when an article contains more original analysis and less content reproduced from the firm's press release. This evidence refines inferences from prior studies that find media dissemination, but not analysis, makes the market's earnings response more efficient. Instead, my paper suggests media analysis also enhances investors' trading decisions by improving their understanding of earnings news, albeit for a limited set of large firms. In other words, journalists' analysis efforts provide value to readers, which helps explain the continued production of costly earnings-related analysis amid increasing pressure from low-cost information sources.en_US
dc.description.statementofresponsibilityby Nicholas Guest.en_US
dc.format.extent84 pagesen_US
dc.language.isoengen_US
dc.publisherMassachusetts Institute of Technologyen_US
dc.rightsMIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission.en_US
dc.rights.urihttp://dspace.mit.edu/handle/1721.1/7582en_US
dc.subjectSloan School of Management.en_US
dc.titleDo journalists help investors analyze firms' earnings news?en_US
dc.typeThesisen_US
dc.description.degreePh. D.en_US
dc.contributor.departmentSloan School of Management.en_US
dc.contributor.departmentSloan School of Management
dc.identifier.oclc1051454102en_US


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