What do ads buy? Daily coverage of listed companies on the Italian press |
| |
| Institution: | 1. Dipartimento di Economia, Management e Metodi Quantitativi, Università Statale di Milano, Via Conservatorio 7, 20122 Milano, Italy;2. Dipartimento di Scienze Politiche e Sociali, Università degli Studi di Pavia, Corso Strada Nuova 65, 27100 Pavia, Italy;1. Trauma Intensive Care Unit, Lapeyronie University Hospital, Montpellier, France;2. Montpellier I University, Montpellier, France;3. Department of Radiology, Lapeyronie University Hospital, Montpellier, France;4. Institut National de la Santé et de la Recherche Médicale, Equipe soutenue par la Région et l''Inserm U1046 (X.C.), Montpellier, France;1. SIM University (UniSIM), Singapore;2. Austrian Institute of Economic Research (WIFO), Vienna, Austria;1. LEO, Université François Rabelais, Tours. 50, Avenue Jean Portalis BP 37206, Tours Cedex 03 France;2. Università di Salerno, Dipartimento di Scienze Economiche e Statistiche and CSEF, Via Giovanni Paolo II, 132, 84084 Fisciano SA, Italy |
| |
| Abstract: | We match daily data on newspaper coverage of a sample of Italian listed companies with monthly data on the amount of advertising that a given company has purchased on a given newspaper. Controlling for time-invariant features of each newspaper and of each company – and for ownership links between companies and newspapers – we show that newspaper coverage of a company is positively and significantly related with advertising expenditure by that company on that newspaper. The magnitude of this correlation is quite large: when controlling for ownership links, a standard deviation increase in monthly ads expenditure (i.e. 75,000 euros) is on average associated with 8 additional articles per month mentioning that company. We also find that coverage of a company is higher the day after a press release, but especially in newspapers where more ads are purchased. This result on press releases is robust to controlling for time invariant features of each company–newspaper pair, i.e. for (company × newspaper) fixed effects.Moreover, coverage is correlated with past day absolute return and trading volume, and this relationship appears to be steeper for those newspapers where more ads are purchased, especially in the case of positive returns. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
