it is my pleasure
to invite you to the following seminar in Quantitative Finance,
organised by LTI@UniTO (www.carloalberto.org/lti)
and Collegio Carlo Alberto (CCA), which will take place at CCA
in Torino and can be followed via Zoom. At the event page link
you can find the zoom link to attend online and a
button to add the event to your calendars.
Speaker: Diego Garcia (University of Colorado Boulder)
Title: New Consumption in the Wild
Abstract:We study how market returns shape news
consumption, employing 700 million pageviews over 27 months from
Australia’s largest financial newspaper, the Australian Financial
Review. Aggregate news consumption intensifies on days when the
Australian market index decreases, led by a dramatic spike in
consumption of markets news. By contrast, firm-specific news consumption
declines when the aggregate market moves more (up or down). These
findings imply aggregate and firm-specific news are substitutes for one
another, consistent with theories of limited attention. These news
consumption effects are strongest for fresh news, but they are also
present for stale news articles on days when there are no articles about
the firm.