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.

Comments

Accepted version. Journal of Behavioral Finance, Vol. 9, No. 3 (July 2008): 107-116. DOI. © Taylor & Francis 2008. Used with permission.

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