Document Type
Article
Publication Date
7-2008
Source Publication
Journal of Behavioral Finance
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
Originally published in Journal of Behavioral Finance, Volume 9, No. 3 (July 2008), DOI: 10.1080/15427560802333233.
This article was originally published by Taylor & Francis.
Some images have been removed from this version of the article due to third-party copyright restrictions. The published version of the article is available here.