Preprint
Aug 2026
Buy the Rumor, Sell the News: When Is News Priced In?
Two old market sayings hold that news is already priced in by the time it is published, and that the rumor is bought while the news is sold. Both place the price move associated with a piece of news before and at publication rather than after it. Whether the claims hold, for which kinds of news, and by how much are bas...
Alireza Kargarzadeh, Nariman Khaledian, Navid Parvini et al.
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