We document that firms are 80% more likely to issue non-earnings press releases during the earnings announcement period when delivering extremely negative earnings news. These non-earnings press releases are insufficient to improve negative announcement returns in isolation. However, if the...

We use a novel instrument--the local lineup position of business channels--to show that media exposure from cable television increases equity participation by increasing awareness of the stock market for first-time investors. Economically, a one-standard deviation reduction in the lineup...

We show that global political uncertainty, measured by the U.S. election cycle, on average, leads to a fall in equity returns in fifty non-U.S. countries. At the same time, market volatilities rise, local currencies depreciate, and sovereign bond returns increase. The effect of global political...