Media Coverage and Macroeconomic Information Processing

URL:	http://edoc.hu-berlin.de/series/sfb-649-papers/200...
Weitere URL:	https://www.econstor.eu/dspace/bitstream/10419/251...
Dokumenttyp:	Arbeitspapier
Erscheinungsjahr:	2007
Titel einer Zeitschrift oder einer Reihe:	SFB 649 Discussion Paper
Band/Volume:	07-011
Ort der Veröffentlichung:	Berlin
ISSN:	1860-5664
Sprache der Veröffentlichung:	Englisch
Einrichtung:	Fakultät für Betriebswirtschaftslehre > ABWL u. Corporate Governance (Niessen-Ruenzi 2012-) Fakultät für Betriebswirtschaftslehre > Business Administration and Corporate Governance (Stiftungsprofessur)
Fachgebiet:	330 Wirtschaft
Abstract:	This paper investigates how media coverage influences macroeconomic information processing at the bond market. I provide evidence that a high media coverage of an economic topic increases investor attention prior to the release of the corresponding economic indicator: High media coverage of the business cycle leads to a stronger market reaction to the release of gross domestic product, industrial production and IFO business index than low media coverage. High media coverage of the price level increases the market reaction to the release of producer and consumer price index than low media coverage. High media coverage of unemployment leads to a stronger market reaction to the release of the unemployment rate than low media coverage.
Zusätzliche Informationen:	Online-Ressource