Information Dissemination and Behavioral Bias

UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance

Xin (Kelly) Liu

Topic: Information Dissemination and Behavioral Bias in Financial Media

Speaker: Xin (Kelly) Liu, Australian National University
Time and Date: 12:00 - 13:00, Wednesday 6th April 2022 (Australian Eastern Daylight Time)

Abstract: This paper examines how behavioral bias affects the information dissemination role of financial media. By utilizing information from Gallup survey and immigration records, we construct a measure of journalist surname favorability. We find that journalists with more favorable surnames have stronger impacts on the stock price. This effect is more pronounced for firms with smaller firm size, lower institutional ownership, and lower analyst coverage. We further use U.S.-China trade war as an exogenous shock to the measure of journalist favorability and show that news articles released by journalists with Chinese-origin surnames elicit weaker market reactions during trade war period. Finally, we find that the stock price show return reversal patterns after controlling for well-known risk factors.

Moderator: Kenny Phua, University of Technology Sydney

Date: Wednesday, 6th April 2022
Time: 12:00pm - 13:00pm (Australian Eastern Daylight Time)
Venue: This is an online Zoom webinar

Seminar protocols:

  • The webinar will run for 45 minutes, followed by a 15 minute Q&A session.
  • There will be a moderator for each seminar event, who will facilitate communication and resolve any technical issues.
  • Participants can use the chat facility or raise their had to ask questions during the presentation. The moderator will then alert the speaker at the appropriate time and either ask the questions raised or unmute the participant so they can ask the question directly to the presenter.

Co-ordinator: Kenny Phua
Enquiries: Ray Alonso

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Acknowledgement of Country

UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.