Are investors guided by the news disclosed by companies or by journalists?

Most previous studies demonstrating the influential role of the textual information released by the media on stock market performance have concentrated on earnings-related disclosures. By contrast, this paper focuses on disposal announcements, so that the impacts of listed companies’ announcements and journalists’ stories can be compared concerning the same events. Consistent with previous findings, negative words, rather than those expressing other types of sentiment, statistically significantly affect adjusted returns and detrended trading volumes. However, extending previous studies, the results of this paper indicate that shareholders’ decisions are mainly guided by the negative sentiment in listed companies’ announcements rather than that in journalists’ stories. Furthermore, this effect is restricted to the announcement day. The average market reaction–measured by adjusted returns–is inversely related only when the announcements are ignored by the media, but the dispersion of market reaction–measured by detrended trading volume–is positively affected only when announcements are followed up by journalists.

Chess endgame news

The Endgame Tables Online initiative and p2p community have made available all published Nalimov DTM EGTs. It now looks forward to the 16 unpublished EGTs computed by August 9th and presumed to be still in existence, particularly as Marc Bourzutschky’s FEG results independently confirm all Nalimov’s published 3-3p DTM EGT statistics including those for KPPKPP.

Chess endgame news

A report of the new Bourzutschky/Konoval chess endgame depth record of DTC = 330 moves, and of the progress of the Kryukov peer-group to disseminate Nalimov's DTM EGTs. The question of data integrity and assurance is raised.

Chess endgame news

News that Bourzutschky confirms there is no sub-7-man pawnless zugzwang, and that Bourzutschky and Konoval are generating DTC EGTs with a new program. News also of Kristensen's work on EGTs using OBDDs, Ordered Binary Decision Diagrams.

Bacterial pathogen evolution: breaking news

The immense social and economic impact of bacterial pathogens, from drug-resistant infections in hospitals to the devastation of agricultural resources, has resulted in major investment to understand the causes and conse- quences of pathogen evolution. Recent genome se- quencing projects have provided insight into the evolution of bacterial genome structures; revealing the impact of mobile DNA on genome restructuring and pathogenicity. Sequencing of multiple genomes of relat- ed strains has enabled the delineation of pathogen evo- lution and facilitated the tracking of bacterial pathogens globally. Other recent theoretical and empirical studies have shown that pathogen evolution is significantly influenced by ecological factors, such as the distribution of hosts within the environment and the effects of co- infection. We suggest that the time is ripe for experi- mentalists to use genomics in conjunction with evolu- tionary ecology experiments to further understanding of how bacterial pathogens evolve.

Chess endgame news

Reports the availability on the web of the entire run of Beasley's 'British Endgame Study News', and reviews a recent report by Bourzutschky and Konoval on their discoveries with 7-man endgame tables.

The impact of news on measures of undiversifiable risk: evidence from the UK stock market

Using UK equity index data, this paper considers the impact of news on time varying measures of beta, the usual measure of undiversifiable risk. The empirical model implies that beta depends on news about the market and news about the sector. The asymmetric response of beta to news about the market is consistent across all sectors considered. Recent research is divided as to whether abnormalities in equity returns arise from changes in expected returns in an efficient market or over-reactions to new information. The evidence suggests that such abnormalities may be due to changes in expected returns caused by time-variation and asymmetry in beta.