{"id":115652,"date":"2021-09-20T10:02:39","date_gmt":"2021-09-20T08:02:39","guid":{"rendered":"https:\/\/www.ieseg.fr\/?post_type=events&p=115652"},"modified":"2021-09-20T10:02:39","modified_gmt":"2021-09-20T08:02:39","slug":"research-seminar-finance-liu","status":"publish","type":"events","link":"https:\/\/www.ieseg.fr\/en\/events\/research-seminar-finance-liu\/","title":{"rendered":"[Research Seminar] Finance: “Biased news and irrational investors: Evidence from biased beliefs about unvertainty and information acquisition” – Jiatao LIU – Cass Business School"},"content":{"rendered":"

\"\"<\/p>\n

Speakers: Jiatao LIU
\n<\/strong>Cass Business School<\/p>\n

Date and Location – Thursday September 30th 2021 from 14:00 to 15:30 on Zoom<\/strong><\/p>\n

—————————————–<\/p>\n

ABSTRACT<\/h2>\n

Investors who use biased information from news media subsequently tend to make irrational decisions about acquiring firm-specific information compared to rational expectations. This model of information acquisition yields testable predictions that are verified by using a novel dataset of news stories.<\/p>\n

First, when sentiment in news articles, as a proxy for biased public information, is more optimistic, investors tend to acquire less earnings-relevant information before the earnings announcement and vice versa.<\/p>\n

Second, the return predictability from firm-specific news sentiment confirms that it contributes to variations in asset information risk due, in a biased belief equilibrium, to the proportion of informed investors deviating from rational expectations.<\/p>\n

Overall, these findings suggest that biased public information inherent in news sentiment serves to irrationalize investors\u2019 acquisition of firm-specific information through a biased perception of uncertainties in the risky asset payoff.<\/p>\n

Keywords: Biased Beliefs; Information Acquisition; News Sentiment; Information Risk; Risk Premium<\/em><\/p>\n

More<\/strong> Info<\/a><\/div>\n
Join<\/strong> the webinar<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Speakers: Jiatao LIU Cass Business School Date and Location – Thursday September 30th 2021 from 14:00 to 15:30 on Zoom —————————————– ABSTRACT Investors who use biased information from news media […]<\/p>\n","protected":false},"featured_media":0,"template":"","events-category":[200,66,166],"acf":[],"yoast_head":"\n[Research Seminar] Finance: "Biased news and irrational investors: Evidence from biased beliefs about unvertainty and information acquisition" - Jiatao LIU - Cass Business School - I\u00c9SEG<\/title>\n<meta name=\"description\" content=\"Speakers: Jiatao LIU Cass Business School Date and Location - Thursday September 30th 2021 from 14:00 to 15:30 on Zoom\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ieseg.fr\/en\/events\/research-seminar-finance-liu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[Research Seminar] Finance: "Biased news and irrational investors: Evidence from biased beliefs about unvertainty and information acquisition" - 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