Information transfer and press coverage: The case of the Gawler Craton gold boom

Elsevier Inc
Publication Type:
Journal Article
Pacific-Basin Finance Journal, 2003, 11 (1), pp. 101 - 120
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This study examines intra-industry information transfer after Helix Resources announced a successful drill result in the Gawler Craton region of South Australia that sparked significant investor interest in mining companies with tenement holdings in the area. This study shows that the price response of competing explorers was determined by press coverage immediately following the discovery of gold, but stocks that received the most press attention in the immediate post-announcement period suffered the greatest long-term underperformance. The research is the first in capital market literature to make use of geographical information systems software technology.
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