{"id":"https://openalex.org/W4402641008","doi":"https://doi.org/10.1287/mnsc.2023.01903","title":"Promotional Press Releases and Investor Processing Costs","display_name":"Promotional Press Releases and Investor Processing Costs","publication_year":2024,"publication_date":"2024-09-19","ids":{"openalex":"https://openalex.org/W4402641008","doi":"https://doi.org/10.1287/mnsc.2023.01903"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2023.01903","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.01903","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5020621366","display_name":"Caleb Rawson","orcid":"https://orcid.org/0000-0003-0575-498X"},"institutions":[{"id":"https://openalex.org/I78715868","display_name":"University of Arkansas at Fayetteville","ror":"https://ror.org/05jbt9m15","country_code":"US","type":"education","lineage":["https://openalex.org/I78715868"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Caleb Rawson","raw_affiliation_strings":["University of Arkansas, Fayetteville, Arkansas 72701","University of Arkansas, Fayetteville, Arkansas 72701;"],"affiliations":[{"raw_affiliation_string":"University of Arkansas, Fayetteville, Arkansas 72701","institution_ids":["https://openalex.org/I78715868"]},{"raw_affiliation_string":"University of Arkansas, Fayetteville, Arkansas 72701;","institution_ids":["https://openalex.org/I78715868"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5018942346","display_name":"Brady J. Twedt","orcid":"https://orcid.org/0000-0002-7942-4249"},"institutions":[{"id":"https://openalex.org/I91045830","display_name":"Texas A&M University","ror":"https://ror.org/01f5ytq51","country_code":"US","type":"education","lineage":["https://openalex.org/I91045830"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Brady J. Twedt","raw_affiliation_strings":["Texas A&M University, College Station, Texas 77840","Texas A&M University, College Station, Texas 77840;"],"affiliations":[{"raw_affiliation_string":"Texas A&M University, College Station, Texas 77840","institution_ids":["https://openalex.org/I91045830"]},{"raw_affiliation_string":"Texas A&M University, College Station, Texas 77840;","institution_ids":["https://openalex.org/I91045830"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5051762856","display_name":"Jessica Watkins","orcid":"https://orcid.org/0000-0003-3390-1668"},"institutions":[{"id":"https://openalex.org/I107639228","display_name":"University of Notre Dame","ror":"https://ror.org/00mkhxb43","country_code":"US","type":"education","lineage":["https://openalex.org/I107639228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jessica C. Watkins","raw_affiliation_strings":["University of Notre Dame, Notre Dame, Indiana 46556"],"affiliations":[{"raw_affiliation_string":"University of Notre Dame, Notre Dame, Indiana 46556","institution_ids":["https://openalex.org/I107639228"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5020621366"],"corresponding_institution_ids":["https://openalex.org/I78715868"],"apc_list":null,"apc_paid":null,"fwci":0.5392,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":{"value":0.69396274,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":91,"max":95},"biblio":{"volume":"71","issue":"6","first_page":"4795","last_page":"4824"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9965000152587891,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9929999709129333,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.45189642906188965},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.4102310538291931},{"id":"https://openalex.org/keywords/marketing","display_name":"Marketing","score":0.32771241664886475},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.32248955965042114}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.45189642906188965},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4102310538291931},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.32771241664886475},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.32248955965042114}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1287/mnsc.2023.01903","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.01903","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":66,"referenced_works":["https://openalex.org/W645628221","https://openalex.org/W1586608353","https://openalex.org/W1745285764","https://openalex.org/W1830887833","https://openalex.org/W1972190631","https://openalex.org/W1995082501","https://openalex.org/W1999918735","https://openalex.org/W2034654086","https://openalex.org/W2086795531","https://openalex.org/W2088081801","https://openalex.org/W2092844173","https://openalex.org/W2138067662","https://openalex.org/W2330609380","https://openalex.org/W2334959554","https://openalex.org/W2558536524","https://openalex.org/W2767143098","https://openalex.org/W2801090498","https://openalex.org/W2884098204","https://openalex.org/W2956297520","https://openalex.org/W2980862862","https://openalex.org/W3008898402","https://openalex.org/W3042875708","https://openalex.org/W3121149320","https://openalex.org/W3121172712","https://openalex.org/W3121397842","https://openalex.org/W3121576140","https://openalex.org/W3121817808","https://openalex.org/W3121832054","https://openalex.org/W3122094160","https://openalex.org/W3122136669","https://openalex.org/W3122186295","https://openalex.org/W3122309589","https://openalex.org/W3122349894","https://openalex.org/W3122563224","https://openalex.org/W3122770007","https://openalex.org/W3122812581","https://openalex.org/W3123103903","https://openalex.org/W3123604205","https://openalex.org/W3123833412","https://openalex.org/W3124423437","https://openalex.org/W3124559589","https://openalex.org/W3124613598","https://openalex.org/W3124814550","https://openalex.org/W3125187480","https://openalex.org/W3125372543","https://openalex.org/W3125521553","https://openalex.org/W3125561220","https://openalex.org/W3125575827","https://openalex.org/W3125591525","https://openalex.org/W3125728782","https://openalex.org/W3125775703","https://openalex.org/W3125853770","https://openalex.org/W3125880820","https://openalex.org/W3125952890","https://openalex.org/W3125973045","https://openalex.org/W3126010905","https://openalex.org/W3126019034","https://openalex.org/W3131439755","https://openalex.org/W3209077627","https://openalex.org/W3212180294","https://openalex.org/W4250420823","https://openalex.org/W4253889179","https://openalex.org/W4281980744","https://openalex.org/W4296232960","https://openalex.org/W4362735814","https://openalex.org/W4388114608"],"related_works":["https://openalex.org/W2748952813","https://openalex.org/W4391375266","https://openalex.org/W2390279801","https://openalex.org/W2358668433","https://openalex.org/W4396701345","https://openalex.org/W2376932109","https://openalex.org/W2001405890","https://openalex.org/W3132716659","https://openalex.org/W1562991075","https://openalex.org/W2187644337"],"abstract_inverted_index":{"Press":[0],"releases":[1,19,29,109,149],"are":[2,229],"a":[3,151],"primary":[4],"disclosure":[5,63,80,152,160],"channel":[6,81,133,153],"firms":[7,14,146],"use":[8,17,147],"to":[9,20,22,82,94,111,156],"communicate":[10],"with":[11,86,128],"investors.":[12,41],"However,":[13],"can":[15],"also":[16,43,124],"press":[18,28,108,148],"self-promote":[21,83],"improve":[23],"their":[24],"public":[25],"image.":[26],"Promotional":[27],"are,":[30],"on":[31,60,115,159],"average,":[32],"significantly":[33],"less":[34,53,103],"value":[35],"relevant":[36],"than":[37],"those":[38],"focused":[39],"toward":[40],"They":[42],"contain":[44],"more":[45,91,120],"positive":[46],"and":[47,55,66,71,90,154],"emotional":[48],"language":[49],"as":[50,52,150],"well":[51],"specific":[54],"financially":[56],"oriented":[57],"language.":[58],"Based":[59],"theories":[61],"of":[62,78,119,144,197,222],"processing":[64,161],"costs":[65],"investor":[67,88],"attention,":[68],"we":[69],"predict":[70],"find":[72],"that":[73],"firms\u2019":[74],"recent":[75],"high":[76],"usage":[77],"this":[79],"is":[84,100],"associated":[85],"increased":[87],"attention":[89,130],"efficient":[92],"reactions":[93],"subsequent":[95],"investor-focused":[96],"disclosures.":[97],"This":[98,163,172],"effect":[99,114],"concentrated":[101],"in":[102],"visible":[104,121],"firms,":[105],"whereas":[106],"promotional":[107],"appear":[110],"have":[112],"no":[113],"the":[116,157,179,192,207,219],"pricing":[117],"efficiency":[118],"firms.":[122],"We":[123],"provide":[125],"evidence":[126],"consistent":[127],"media":[129],"being":[131],"one":[132],"through":[134],"which":[135],"these":[136],"effects":[137],"operate.":[138],"Our":[139],"findings":[140],"deepen":[141],"our":[142],"understanding":[143],"how":[145],"contribute":[155],"literature":[158],"costs.":[162],"paper":[164],"was":[165,174],"accepted":[166],"by":[167,176],"Eric":[168],"So,":[169],"accounting.":[170],"Funding:":[171],"work":[173],"supported":[175],"resources":[177],"at":[178,231],"Arkansas":[180],"High":[181],"Performance":[182],"Computing":[183],"Center.":[184],"C.":[185,212],"Rawson":[186],"gratefully":[187,202,214],"acknowledges":[188,203,215],"financial":[189,204,216],"support":[190,205,217],"from":[191,206,218],"Sam":[193],"M.":[194],"Walton":[195],"College":[196,221],"Business.":[198,223],"B.":[199],"J.":[200,211],"Twedt":[201],"Mays":[208],"Business":[209],"School.":[210],"Watkins":[213],"Mendoza":[220],"Supplemental":[224],"Material:":[225],"The":[226],"data":[227],"files":[228],"available":[230],"https://doi.org/10.1287/mnsc.2023.01903":[232],".":[233]},"counts_by_year":[{"year":2025,"cited_by_count":1}],"updated_date":"2026-03-27T05:58:40.876381","created_date":"2025-10-10T00:00:00"}
