We analyze a game of persuasion which combines information acquisition and adverse selection. The sender can credibly transmit any information she gathers but cannot directly reveal her type to the receiver. Her payoff depends both on the news content and her perceived ability. We show that a sanitization equilibrium in which the sender reveals good news and conceals bad news prevails for mild ...

The purpose of this paper is to examine insider trading behavior reaction to news announcement by using firms listed on the Stock Exchange of Thailand during 2000 to 2008. By employing event-study approach, the results show that the information contents are significant to insider purchases but not to insider sales. In other words, only insider purchases can create abnormal returns. Moreover, co...

To help understand how media in China and the United States respond to the growing environmental concern, the authors conducted a comparative content analysis to study environmental advertising claims in two weekly Chinese news magazines—Liao Wang and China News Weekly—and two weekly U.S. news magazines—Time and Newsweek. The use of environmental claims, advertising strategy, and advertiser cha...

This research aims to investigate the effect of conservative reporting on the investors' opinion divergence at the time of earnings announcement in a 5 year period during 2012-2016; the required data have been collected from Tehran Securities and Stock Exchange Organization and the population is consisted of 585 corporates-years which have been selected by the systematic removal sampling. To in...

Hierarchical organization is prevalent in networks representing a wide range of systems in nature and society. An important example is given by the tag hierarchies extracted from large on-line data repositories such as scientific publication archives, file sharing portals, blogs, on-line news portals, etc. The tagging of the stored objects with informative keywords in such repositories has beco...

We examine how short sellers affect corporate disclosures using a natural experiment. From May 2005 to July 2007, the SEC implemented a pilot program by randomly selecting one third of Russell 3000 stocks and removing the short sale price tests for these stocks (referred to as pilot firms), leading to lower short-selling constraint, without changing the requirement for other firms (referred to ...

Liquidity constitutes one of the main determinants of implicit transaction costs. Deriving optimal execution strategies that minimize transaction costs, automated trading engines need to forecast future liquidity levels. By means of an empirical study we provide evidence that the publication of regulatory corporate disclosures is followed by abnormal liquidity levels. As we do not find abnormal...

the sum of their parts and nothing more. Although executives have become more sophisticated in their understanding of what it takes to achieve competitive advantage at the level of individual businesses, when it comes to creating corporate advantage across multiple businesses, the news is far less encouraging. True, corporate executives face mounting pressure from their boards and from capital ...

Classification of online news, in the past, has often been done manually. In our proposed Categorizor system, we have experimented an automated approach to classify online news using the Support Vector Machine (SVM). SVM has been shown to deliver good classification results when ample training documents are given. In our research, we have applied SVM to personalized classification of online new...