Bearish bets and the press: On the relation between short interest and media tone
研究了公司层面卖空兴趣指标如何影响媒体报道的语调，发现两者呈显著负相关，但控制公司特征后关系常不显著，过往业绩和意见分歧是关键因素。
We analyze the extent to which proxies for short interest at the firm level influence the tone of media reporting for the cross-section of firms. The examination of the German stock market shows that there is a significantly negative relation. Nevertheless, this relation becomes often, though not always, insignificant after thoroughly controlling for relevant company characteristics. Past performance as well as measures of differences of opinion and information uncertainty prove to be particularly important for tonality. These findings are similar for domestic and foreign reporting. With the exception of salience shocks, these results are also obtained for both public and non-public short interest. Additional evidence results from article characteristics and the aggregated time series, among others. On a broader level, the results contribute to the discussion about drivers of media reporting in financial markets.