1 INTRODUCTION A growing literature documents the role of the media in financial markets, demonstrating that media coverage plays a role in mitigating information frictions, reducing information risk, and enhancing monitoring (e.g., Bushman et al., 2017; Liu & McConnell, 2013; Tetlock, 2015). Until recently, “media” has been used to broadly describe all manner of publications ranging from newswire coverage to online media such as Twitter, corporate websites, or internet webpages.
