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dc.contributor.authorGAMBARO, Marco
dc.contributor.authorPUBLISI, Riccardo
dc.date.accessioned2010-03-26T13:39:22Z
dc.date.available2010-03-26T13:39:22Z
dc.date.issued2010
dc.identifier.issn1028-3625
dc.identifier.urihttps://hdl.handle.net/1814/13637
dc.description.abstractWe match data on the daily newspaper coverage of a sample of Italian listed companies with Nielsen data on the monthly amount of advertising that a given company has purchased on a given newspaper. Controlling for newspaper and company fixed effects, we show that newspaper coverage of a given company is positively related with the amount of ads purchased on that newspaper by that company. We also find that coverage of a company is higher the day after a press release, but especially so on newspapers where more ads are purchased. This result on press releases is robust to controlling for ownership links between newspapers and companies, and –more generally- controlling for time invariant features of each company-newspaper pair, i.e. for (company × newspaper) fixed effects. Moreover, coverage is correlated with past day absolute return and trading volume, and this relationship appears to be steeper for those newspapers where more ads are purchased.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.relation.ispartofseriesEUI RSCASen
dc.relation.ispartofseries2010/26en
dc.relation.ispartofseriesFlorence School of Regulationen
dc.relation.ispartofseries[Communications and Media]en
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectmedia biasen
dc.subjectadvertisingen
dc.subjectpress releasesen
dc.subjectstock returnsen
dc.subjectItalian Pressen
dc.titleWhat Do Ads Buy? Daily Coverage of Listed Companies on the Italian Pressen
dc.typeWorking Paperen
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