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This paper investigates the dynamic linkages between portfolio flows and various news indices (based on both "positive" and "negative" news headlines collected from Bloomberg), whilst also controlling for a comprehensive set of push and pull factors. The monthly panel examined comprises 49...
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We exploit individual security holdings data for global mutual funds to distinguish between two reasons why a fund's holdings of emerging market economy (EME) bonds might change: (i) the amount invested in the fund changes and (ii) the fund manager changes portfolio allocations. We find that...
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News media plays an important role in modern financial markets. In this paper, we analyse the role played by the news … media in an historical financial market. Using The Times's coverage of companies listed on the London stock market between … 1825 and 1870, we examine the determinants of media coverage in this era and whether there was a media discount. Our main …
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