Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223035
Title: EFFECT OF MEDIA COVERAGE ON INVESTORS' REACTION TO EARNINGS ANNOUNCEMENTS: INSIGHT FROM S-REIT
Authors: ZHANG JINCHAO
Keywords: Masaki Mori
Real Estate
RE
2013/2014 RE
Issue Date: 7-May-2014
Citation: ZHANG JINCHAO (2014-05-07). EFFECT OF MEDIA COVERAGE ON INVESTORS' REACTION TO EARNINGS ANNOUNCEMENTS: INSIGHT FROM S-REIT. ScholarBank@NUS Repository.
Abstract: This study examines the media coverage effect on investors’ reaction to 476 quarterly earnings announcements made by REITs in Singapore from 2007 to 2013. Since media plays a vital role in disseminating information to investors, one would expect it to have certain impacts on investors’ reaction in Singapore’s young and growing REIT market. Therefore, the objectives of this study are to determine the relationship between media coverage and the initial return response during earnings announcements as well as the return drift after earnings announcements, using event study methodology. The finding shows a stronger initial response to good earnings news with an average 3-day cumulative abnormal return of 1.39% if the news is covered in media. However, no significant result is found for initial response to bad news. Following that, the study documents significant 10-day post earnings announcement drifts for both good and bad news. It also concludes that media coverage plays a meaningful role in reducing the post earnings announcement return drifts.
URI: https://scholarbank.nus.edu.sg/handle/10635/223035
Appears in Collections:Bachelor's Theses

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