Business, Management and Accounting
7 years ago

Positive news coverage speeds up firms' financial adjustments, lowering costs.

Journal of Banking & Finance
News media coverage and corporate leverage adjustments
Tung Lam Dang, Viet Anh Dang, Fariborz Moshirian, Lily Nguyen, Bohui Zhang

Paper Summary

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The news media can influence how companies manage their debts. When there is more news coverage and positive news about a company, it tends to adjust its debts faster. This is because the media can help companies lower the cost of making these adjustments. The news media affects debt adjustments by spreading information and keeping an eye on companies. This study supports the idea that companies change their debts based on how much attention they get in the news.