Byun and Oh (2013)
Byun, Seong K. and Jong-Min Oh. “The Role of Media in Valuing Intangibles: Evidence from Corporate Social Responsibility.” Working paper (University of Texas at Dallas), June 2013.
We examine the role of media in facilitating stakeholder’s assessment of firm’s intangible investments in the context of corporate social responsibility (CSR). First, we find that news coverage of company’s investments in social responsibility is associated with positive excess stock returns. Secondly, we show that our result does not arise from the changes in investor sentiment or investor recognition, but arises from its effect on increasing stakeholder awareness of CSR. We further show that the market does not fully incorporate the effect of media in realizing the value of intangible investments.
LK comment: Looks like there were significant revisions after I saw this paper, so providing a link to the 2018 published version as well.
Link (working paper): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2153248