The effect of the quality of rumors on market yields

Uriel Spiege, Tchai Tavorb, Joseph Templeman

Research output: Contribution to journalArticlepeer-review


During the last decade the world has faced a tremendous development of information technology and telecommunication. This study investigates the impact of rumors (released on the web) on common stock returns. The findings indicate that the market responds positively to rumors. In particular, the impact is stronger for single than for multi rumors and for initial rather than subsequent rumors. Our results may prove useful to financial and portfolio managers by helping them in determining how much weight to place on differenttypes of rumors.

Original languageEnglish
Pages (from-to)273-281
Number of pages9
JournalInternational Journal of Business
Issue number3
StatePublished - 2013


  • Events analysis approach
  • Initial and subsequent single and multiple rumors
  • Market efficiency


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