Delayed Media Coverage of Earnings News: Evidence from Cryptocurrency Markets

Anecdotal evidence
The figure shows the difference between the media coverage of affected firms and other firms during two months around their earnings announcement day. The affected firms are the firms which released their earnings information on a crypto event day. I observe that earnings news coverage is lower for the affected firms on the day of crypto events. Interestingly, there is an increase in firm-specific media coverage of affected firms in the one month period after the crypto event. It appears that media capitalizes on the demand for crypto news on a crypto event day but decides to cover the firm later to satisfy the investor demand for the information about firms. No statistical difference in media coverage of affected firms and other firms before the earnings announcement suggests that there were no pre-trends.
Ashish Ochani
Ashish Ochani
Ph.D. Candidate, Accounting

I am a Ph.D. candidate in Accounting at Samuel Curtis Johnson Graduate School of Management, Cornell University. I will be joining Binghamton University School of Management as an Assistant Professor in Fall 2023!

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