This paper investigates how media coverage in°uences macroeconomic informationprocessing at the bond market. I provide evidence that a high media coverage of aneconomic topic increases investor attention prior to the release of the corresponding economic indicator: High media coverage of the...

This paper investigates whether newspapers report more favorably about advertising corporate clients than about other firms. Our identification strategy based on high-dimensional fixed effects and high frequency advertising data shows that advertising leads to more positive press coverage. This...

We examine the relationship between CEO ownership and stock market performance. Firms in which the CEO voluntarily holds a considerable share of outstanding stocks outperform the market by more than 10% p.a. after controlling for traditional risk factors. The effect is most pronounced in firms...