I reexamine whether media articles with substantive editorial content inform the market's reaction to firms' earnings news. Using variation in earnings announcement coverage because of restructuring at The Wall Street Journal (WSJ), my analyses suggest that WSJ earnings articles improve price discovery and increase trading volume at S&P 500 earnings announcements. Additionally, textual analysis suggests media articles that differ more from the firm's earnings release increase trading volume, and that the differences speed up (slow down) price discovery when they corroborate (contradict) the tone of the firm's news. Such high difference articles are slightly longer, are more readable and specific, include more references to the industry and economy, repeat less “stale” news published in previous WSJ articles, and quote more investor and expert sources. Overall, my paper contributes to research on the role of the media in earnings news by providing evidence that journalists' editorial content helps investors understand firms' earnings, instead of simply entertaining or increasing awareness.

中文翻译：

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媒体在盈利新闻中的信息作用

我重新审视了具有实质性社论内容的媒体文章是否反映了市场对公司盈利新闻的反应。由于华尔街日报的重组，使用收益公告覆盖范围的变化(WSJ)，我的分析表明，WSJ 收益文章改善了价格发现并增加了标准普尔 500 指数收益公告的交易量。此外，文本分析表明，与公司的收益发布不同的媒体文章会增加交易量，并且当它们证实（矛盾）公司新闻的基调时，这些差异会加速（减慢）价格发现。此类差异较大的文章稍长一些，更具可读性和针对性，包括更多对行业和经济的参考，减少重复《华尔街日报》之前文章中发表的“陈旧”新闻，并引用更多的投资者和专家消息来源。总的来说，我的论文通过提供证据表明记者的社论内容有助于投资者了解公司的收益，从而有助于研究媒体在收益新闻中的作用，