This paper investigates the impact of innovations on short-run crude oil markets. These innovations relate to U.S. energy policy-makers focus on self-sufficiency and security. The concomitant legislation facilitated hydraulic fracturing via the expeditious award to some shale-well disadvantaged...

We build a corpus of over 5½ million news articles on 20 large US firms over the 10-year period from January 2001 to December 2010, and use it to study the time-varying nature of the relation between media-expressed firm-specific tone and firm-level returns. By estimating a series of separate...