5th Annual News and Finance Conference

Thursday, March 12, 2020
8:30 a.m.–5:30 p.m., Reception to follow
Faculty House, Columbia University


How does the news move markets?

With crisis management, economic risk and media coverage influencing the capital markets, join us for a research-driven conference assessing questions such as:

How does the interaction between financial markets and the media affect real economic activity?

How do the incentives of people who create news affect market responses?

How do we best measure the information content of news articles?

Financial economists have long been interested in how markets incorporate information. In the last decade, the confluence of improved computational tools and data availability for text analysis have led to new research methods and many important insights into how markets respond to news and social media.  But many questions remain unanswered. 

Organized by Columbia Business School’s Program for Financial Studies, with its faculty leadership Harry Mamaysky, Paul Glasserman and Paul Tetlock around their current research, this major conference will bring together an unprecedented group of interdisciplinary leaders from across academia, business, government, and the media to explore new frontiers in the study of the dissemination of news and its influence on markets. 

The Program for Financial Studies gratefully acknowledges Thomson Reuters for generously providing access to data sets that have enabled the research upon which the News and Finance initiative has been built.

For information regarding the conference, contact Melina Denebeim, Director of the Program for Financial Studies, at 646-745-8554 or md2953@gsb.columbia.edu.





Registration and breakfast


Introductory remarks by:

Harry Mamaysky, Associate Professor of Professional Practice; Faculty Director of the Program for Financial Studies, Columbia Business School


"Echo Chambers" presented by: 

Joey Engelberg, Professor of Finance and Accounting, University of California San Diego


"The Democratization of Investment Research" presented by: 

Clifton Green, Professor of Finance, Emory University

9:55-10:20am Break

"Media Sentiment and International Asset Prices" presented by: 

Sam Fraiberger, Data Analytics and Tools, World Bank


"Foreign Sentiment" presented by:

Azi Ben-Rephael, Associate Professor of Finance, Rutgers Business School




"The Role of Media in Mergers and Acquisitions" presented by:

Rose Liao, Associate Professor of Finance and Economics, Rutgers Business School

1:35-1:50pm Break


Panel: Markets & Media Coverage in Times of Crisis

Moderator: Tom Vandever, Head of the Financial Institutions Group, Barclays

Paul Holmes, CEO, Finsbury
Kip McDaniel, Editor-in-Chief and Chief Content Officer, Institutional Investor
Lauren Silva, Global Deals Editor, Thomson Reuters
John Stoll, Columnist, Wall Street Journal




"Listening in on Investors’ Conversations" presented by:

Byoung-Hyoun Hwang, Associate Professor of Finance, Cornell University


"Friends at the WSJ" presented by:

Guosong Xu, Assistant Professor of Finance, Rotterdam School of Management, Erasmus University

4:35-4:45pm Concluding Remarks
5:00-6:30pm Wine & beer reception

Videos to come post-conference.

PFS Quarterly Newsletter

Click here to access the latest PFS newsletter