Baker, H. Kent; Dutta, Shantanu; Saadi, Samir; Zhong, Ligang - 2022
We examine whether media coverage affects credit rating change decisions by analyzing 732,426 newspaper items published … by top U.S. media outlets on S&P 1500 firms. Our results show that negative media coverage has a strong association with … credit rating change events, but positive media coverage does not. We find support for two channels that confirm this finding …