March 11, 2016
Financial economists have long been interested in how markets incorporate information. In the last decade, the confluence of improved computational tools and data availability for text analysis have led to new research methods and many important insights into how markets respond to the news media. But how does information become news in the first place? How do choices made by journalists shape the news to which markets react? Organized by Columbia Business School faculty Paul Glasserman, Harry Mamaysky, and Paul Tetlock, this conference will bring together journalists, academics, and finance leaders to exchange perspectives on the dissemination of news and its influence on markets.
Agenda
| 8:30-8:50am | Registration and light breakfast |
| 8:50-9:00 | Introductory Remarks: Paul Glasserman, Harry Mamaysky |
| 9:00-9:30 | Paul Tetlock - The Role of Media in the Stock Market |
| 9:30-10:00 | David Solomon - Selective Publicity and Stock Prices |
| 10:00-10:15 | Break |
| 10:15-10:45 | Denis Sosyura - Rumor Has It: Sensationalism in Financial Media |
| 10:45-noon | Panel I: How do journalists choose their stories and influence markets? Moderator: William Goetzmann Panelists: James Stewart, Gillian Tett, Matthew Winkler, Jason Zweig |
| noon-1:45pm | Lunch |
| 12:45-1:30 | Lunchtime Keynote: Luigi Zingales - The Missing Role of Media in Corporate Governance |
| 1:45-2:15 | William Goetzmann - Crash Beliefs from Investor Surveys |
| 2:15-2:45 | Timothy Loughran - Textual Analysis in Finance |
| 2:45-3:00 | Break |
| 3:00-3:30 | Kathleen McKeown - Automatically Tracking Events in the News |
| 3:30-4:45 | Panel II: How do markets react to and interpret news? Moderator: Justin Lahart Panelists: Wesley Chan, Yin Luo, Olivier Sarfati, Nathaniel Storch |
| 5:00-6:00 | Reception |
