Document Type
Article
Language
eng
Format of Original
10 p.
Publication Date
7-2008
Publisher
Taylor & Francis (Routledge)
Source Publication
Journal of Behavioral Finance
Source ISSN
1542-7560
Abstract
In this paper we examine the market reaction—price and volume—to the appearance of a firm in the Who’s News column of The Wall Street Journal. We differentiate between those firms whose articles are accompanied by a picture of an executive and a control set of firms whose articles on the same day are not accompanied by a picture. The results show a more pronounced market reaction to the “cum picture” articles, consistent with the incomplete information theory of Merton [1987] and the heuristic-based familiarity hypothesis. There is no evidence of significant long-run abnormal performance for the sample firms.
Recommended Citation
Arena, Matteo P. and Howe, John S., "A Face Can Launch a Thousand Shares—and an 0.80% Abnormal Return" (2008). Finance Faculty Research and Publications. 25.
https://epublications.marquette.edu/fin_fac/25
Comments
Accepted version. Journal of Behavioral Finance, Vol. 9, No. 3 (July 2008): 107-116. DOI. © 2008 Taylor & Francis. Used with permission.