Financial news media and volatility: Is there more to newspapers than news?
研究发现《金融时报》对某公司的报道会显著提高其日内股价波动性，这种效应由交易量增加驱动，并会通过生产网络传导至相关公司，但不影响整体市场波动水平。
Does media coverage of a firm have a causal effect on the volatility of its stock price and, if so, is this of aggregate importance? I identify a robust link between coverage in the Financial Times and a firm’s intraday stock price volatility. This effect is not driven by persistence in volatility or anticipation of future newsworthy events, but is explained by an increase in trading volume, supporting a salience interpretation. The effect spills over into firms related by the structure of the production network, but does not affect the aggregate level of volatility.