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The impact of corona-news on investors’ attention to earnings announcements : an empirical analysis of the Norwegian Stock Marke

Mæland, Matilde Dale; Mjølsnes, Odin Dahl
Master thesis
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URI
https://hdl.handle.net/11250/2734510
Date
2020
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  • Master Thesis [4657]
Abstract
We use corona-news readership to analyze the short-term effects of investor attention

on financial market reactions to earnings announcements in 2020. Our findings show that corona- news

does have a distracting effect on other news. As a consequence, we find that investors are less

likely to trade when they pay attention to news about corona. On average a one

standard deviation increase in corona-news readership reduces the short-term abnormal traded volume

by 23% following an earnings announcement. These findings suggest that behavioral effects such as

attention does translate to financial market decisions. They are also robust after controlling for

other possible explanations. We further investigate if corona-readership has a negative effect on

volatility and returns but are not able to establish a significant relationship.

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