CEO interviews on CNBC during financial crisis

The purpose of the study is to investigate the impact of media attention, specifically CNBC CEO Interviews, on stock prices during the Year 2007 to 2009 financial crisis. A total of 3,251 CNBC CEO Interviews are collected and analysed during the three years period. The paper finds that there was an extraordinary trend observed during the Year 2008 which is the peak of the financial crisis. Instead of the usual price reversal within ten days as shown in Year 2007 and 2009, the quick price reversal was not observed during the short term and average cumulative abnormal returns (ACAR) remains significantly high at 1.40 per cent in the Year 2008. This abnormal phenomenon observed is explained using two main reasons; uncertainty in financial market and liquidity shock. This paper also provides an in-depth analysis of the twenty two companies that had interview by CNBC surrounding the fall of Bear Stearns and Lehman Brothers. We find that the majority of these companies are not significantly related the financial crises as majority of their shares are not held by any commercial banks.BUSINES