Fake News: Evidence from Financial Markets

  title={Fake News: Evidence from Financial Markets},
  author={Shimon Kogan and Shimon Kogan and Tobias J. Moskowitz and Tobias J. Moskowitz and Marina Niessner},
We examine fake news in financial markets, a laboratory that offers an opportunity to quantify its direct and indirect impact. We study three experimental settings. The first is a unique dataset of unambiguous fake articles on financial news platforms prosecuted by the Securities and Exchange Commission. The second applies a linguistic algorithm to detect deception in expression on the universe of articles on these platforms, using the first sample to validate and calibrate the algorithm. The… 
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