Friday, March 11, 2016
8:30 a.m.–5:00 p.m. (reception to follow)
The World Room, Columbia University Graduate School of Journalism
2950 Broadway (@ 116th St). 2nd Floor

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.[email protected]/albums/72157664239593314

Media coverage: "As Computers Drive Financial News, Journalists Pick Up the Pieces"


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

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

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

Conference Participants

Keynote Speaker
Luigi Zingales, Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business

Finance Leaders

Wesley Chan, Director of Stock Selection Research, Acadian

Yin Luo, Managing Director and Global Head of Quantitative Strategy, Deutsche Bank

Olivier Sarfati, Managing Director and Head of US Equity Trading Strategy, Citi

Nathaniel Storch, Co-Founder and CEO, Amenity Analytics LLC

Distinguished Journalists

Justin Lahart, “Heard on the Street” Columnist, Wall Street Journal

James B. Stewart, “Common Sense” Columnist, Business Section, The New York Times

Gillian Tett, US Managing Editor, Financial Times

Matt Winkler, Co-Founder and Editor-in-Chief, Bloomberg News

Jason Zweig, Author of the weekly “Intelligent Investor” column, Wall Street Journal

Academic Experts

William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies and Director of the International Center for Finance, Yale School of Management

Tim Loughran, C.R. Smith Professor of Finance, University of Notre Dame Mendoza College of Business

Kathleen McKeown, Henry and Gertrude Rothschild Professor of Computer Science, Columbia University

David Solomon, Assistant Professor of Finance and Business Economics,
University of Southern California Marshall School of Business

Denis Sosyura, Assistant Professor of Finance, University of Michigan Ross School of Business

Paul Tetlock, Professor of Business, Finance and Economics division, Columbia Business School