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Telfer Research Seminar Series - Diego Garcia Wealthier

News Consumption in the Wild

Date & Time

April 19, 2024


DMS 7170


Kathy Cunningham

***M.Sc. Students, this event can count towards one of the six mandatory Research Seminars Series needed to attend (MGT 6191/ MGT 6991 / MHS 6991).***

Diego Garcia, PhD

We study how market returns shape news consumption, employing 700 million pageviews over 27 months from Australia’s largest financial newspaper, the Australian Financial Review. Aggregate news consumption intensifies on days when the Australian market index decreases, led by a dramatic spike in consumption of markets news. By contrast, firm-specific news consumption declines when the aggregate market moves more (up or down). These findings imply aggregate and firm-specific news are substitutes for one another, consistent with theories of limited attention. These news consumption effects are strongest for fresh news, but they are also present for stale news articles on days when there are no articles about the firm.

About the Speaker

Diego García is the Burridge Endowed Chair in Finance at the Leeds School of Business. Professor García was on the faculty at UNC at Chapel Hill and at the Tuck School of Business before joing the University of Colorado at Boulder. He received his PhD from the Haas School of Business and his master’s in Diego Garcia statistics from the College of Letters and Science at the University of California, Berkeley. He received his BBA from the Asturias Business School in Spain. Professor García comes from Asturias, a small region in Northwest Spain.

Professor García's research interest encompass informational frictions in financial markets, as well as the effect of behavioral biases in asset prices. His work is both theoretical and empirical in nature, and it has been published in leading journals such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Economic Theory, among others. Professor García's research received the Michael Brennan award for the best paper published in the Review of Financial Studies in 2012.

Professor García has taught both corporate and investment classes in undergraduate, MBA, MAC and PhD courses during his tenure at Dartmouth and UNC. At the Leeds School Diego has taught Investments, Derivatives, and Quantitative Methods, across the MS, MBA and undergraduate programs. He has also taught two PhD classes, in natural language processing and asset pricing theory, as well as develop a new class on textual analysis (MS/MBA).

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