News Consumption in the Wild

UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance

Tony

Paper Title: News Consumption in the Wild
 
Speaker:  Tony Cookson, University of Colorado Boulder 
 
Time and Date: 12-1 pm, Wednesday 20 March 2024 (AEDT)
 
Location: UTS Business School, theatre room CB08.03.005. This is an in-person seminar. 

Abstract: We study how market returns shape news consumption, employing 700 million pageviews over 27 months from Australia's largest financial newspaper, the Australian Financial Review. Aggregate news consumption intensifies on days when the Australian market index decreases, led by a dramatic spike in consumption of markets news. By contrast, firm-specific news consumption declines when the aggregate market moves more (up or down). These findings imply aggregate and firm-specific news are substitutes for one another, consistent with theories of limited attention. These news consumption effects are strongest for fresh news, but they are also present for stale news articles on days when there are no articles about the firm. 

 

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Co-ordinator: Kenny Phua
Enquiries: Chloe Qu

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