Market Reaction to Corporate Press Releases

  title={Market Reaction to Corporate Press Releases},
  author={Andreas Neuhierl and Anna Scherbina and Bernd Schlusche},
We classify a unique and comprehensive dataset of corporate press releases into topics and study the market reaction to various types of news. While confirming prior findings regarding strong stock price responses to financial news, we also document significant reactions to news about corporate strategy, customers and partners, products and services, management changes, and legal developments. Consistent with regulators’ expectations, the level of informational asymmetry in the market declines… CONTINUE READING

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