Media Endorsements of New Product Announcements: A New Marketing Strategy
研究了报纸报道中措辞是否影响投资者对新产品公告的反应，发现正面措辞的报道能带来显著超额收益，且对竞争对手产生负面影响。
Abstract This paper examines whether investors' decisions are influenced by the word content of newspaper reports of new product announcements. Using textual analysis we find that announcements of new products covered by financial newspapers with positive word content earn significant abnormal returns. These returns are 270 basis points higher than new products without positive word coverage, and such announcements bring negative impact to their rival firms' value. Our results suggest that the market reacts to the linguistic content of the new product announcement rather than to the announcement itself.