Redrawing the line: Narrowly beating analyst forecasts and journalists’ co-coverage choices in earnings-related news articles

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2023-08-06 DOI:10.1016/j.jcae.2023.100376
Jingjing Xia
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Abstract

Do journalists use editorial tools to help investors clarify uncertain earnings performance? This study examines this question in the context of WSJ reporters’ co-coverage choices. Using narrowly beating consensus analyst forecasts as a proxy for earnings evaluation uncertainty, I find that journalists tend to co-cover peers that are more economically related to the announcing firm when it reported earnings that narrowly beat consensus analyst forecasts (“beaters”) than when discussing the earnings of non-beaters. Using intra-day data, I further find that stock investors appear to use the co-covered peers as a benchmark to evaluate the earnings of the beaters but not the earnings of the non-beaters. These findings highlight the usefulness of media’s editorial content to investors.

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重新划定界限:勉强超过分析师预测和记者在收益相关新闻文章中的共同报道选择
记者是否使用编辑工具来帮助投资者澄清不确定的盈利表现?本研究在《华尔街日报》记者共同报道选择的背景下考察了这个问题。使用勉强超出分析师预期的收益评估不确定性作为代理,我发现记者倾向于共同报道与宣布公司有更大经济关联的同行,当它报告的收益略高于分析师预期时(“优于”),而不是讨论非优于的收益时。通过使用当日数据,我进一步发现,股票投资者似乎使用共覆盖同行作为基准来评估跑赢者的收益,而不是非跑赢者的收益。这些发现突出了媒体编辑内容对投资者的有用性。
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CiteScore
6.00
自引率
3.00%
发文量
24
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