{"id":43223,"date":"2026-01-16T10:03:00","date_gmt":"2026-01-16T02:03:00","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=43223"},"modified":"2026-01-23T17:47:37","modified_gmt":"2026-01-23T09:47:37","slug":"from-news-to-markets-investment-signals-from-media-coverage-part-ii-an-empirical-analysis-of-tcri-watchdog-n-news-media-events","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-ii-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/","title":{"rendered":"From News to Markets: Investment Signals from Media Coverage (Part II) \u2014 An Empirical Analysis of TCRI Watchdog \u201cN News Media\u201d Events"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large is-style-default\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"678\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\/adeolu-eletu-E7RLgUjjazc-unsplash-1024x678.jpg\" alt=\"From News to Markets: Investment Signals from Media Coverage (Part II) \u2014 An Empirical Analysis of TCRI Watchdog \u201cN News Media\u201d Events\" class=\"wp-image-43121\" style=\"aspect-ratio:16\/9;object-fit:cover\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/adeolu-eletu-E7RLgUjjazc-unsplash-1024x678.jpg 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/adeolu-eletu-E7RLgUjjazc-unsplash-300x199.jpg 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/adeolu-eletu-E7RLgUjjazc-unsplash-150x99.jpg 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/adeolu-eletu-E7RLgUjjazc-unsplash-768x509.jpg 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/adeolu-eletu-E7RLgUjjazc-unsplash-1536x1017.jpg 1536w, https:\/\/www.tejwin.com\/wp-content\/uploads\/adeolu-eletu-E7RLgUjjazc-unsplash-2048x1357.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo by <a href=\"https:\/\/unsplash.com\/@moneyphotos?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">rc.xyz NFT gallery<\/a> on <a href=\"https:\/\/unsplash.com\/photos\/a-pile-of-money-sitting-on-top-of-a-wooden-floor-o-MyHqEEHoM?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f0d3aa15d95\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f0d3aa15d95\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-ii-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/#Introduction_Do_Different_Types_of_News_Really_Have_Different_Market_Impacts\" >Introduction: Do Different Types of News Really Have Different Market Impacts?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-ii-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/#Event_Category_%C3%97_Intensity_Analysis_Does_the_market_reaction_exhibit_systematic_differences\" >Event Category \u00d7 Intensity Analysis: Does the market reaction exhibit systematic differences?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-ii-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/#Not_all_news_items_carry_the_same_amount_of_information\" >Not all news items carry the same amount of information.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-ii-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/#Timing_Structure_of_Management_Events\" >Timing Structure of Management Events<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-ii-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/#Conclusion_Making_News_a_Verifiable_Investment_Signal\" >Conclusion: Making News a Verifiable Investment Signal<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_Do_Different_Types_of_News_Really_Have_Different_Market_Impacts\"><\/span><strong>Introduction: Do Different Types of News Really Have Different Market Impacts?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While <a href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-i-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/\" target=\"_blank\" rel=\"noreferrer noopener\">Part I<\/a> establishes that news events generate identifiable market reactions, the informational content of news varies widely\u2014from industry developments and financial disclosures to management changes and corporate crises. Event intensity alone is insufficient to explain these differences. Accordingly, this section decomposes news events into five categories (A, I, M, F, R) and examines whether markets respond systematically differently across news types.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-background has-medium-font-size\" style=\"background-color:#ffe9ae\">\ud83d\udc49 <a href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-i-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/\" target=\"_blank\" rel=\"noreferrer noopener\">Missed Part I? Explore the foundational analysis of news-driven market signals here.<\/a><a id=\"_msocom_1\"><\/a><\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Event Distribution by Category<\/strong><\/p>\n\n\n\n<p>After categorizing news events into five major types (A, I, M, F, R) based on their nature, a highly uneven distribution of event volume and intensity becomes apparent.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>I_Industry Outlook<\/strong> events are the most numerous (22,988 entries), primarily concentrated at 0 points (57.6%) and +1 points (30.3%), indicating that such information is predominantly neutral or positive.<\/li>\n\n\n\n<li><strong>F_Market<\/strong> <strong>Transactions and M_Management<\/strong> Distribution is relatively even, covering varying intensities of both positive and negative impacts.<\/li>\n\n\n\n<li><strong>A_Accounting\/Financial Analysis<\/strong> events predominantly scored -1 (77.0%), though the total sample size was only 256 entries.<\/li>\n\n\n\n<li><strong>R_Crisis<\/strong> events were extremely rare (79 entries) and concentrated between -2 and -3 (100% combined), indicating crisis information constitutes highly negative events.<\/li>\n<\/ul>\n\n\n\n<p>This distribution pattern also suggests that the sheer number of events does not equate to their market impact; their informational content must be further examined in conjunction with stock price reactions.<\/p>\n\n\n\n<p><strong>Figure 1<\/strong><strong>\uff1a<\/strong><strong>Event Distribution Chart<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"553\" height=\"529\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-767.png\" alt=\"\" class=\"wp-image-43247\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-767.png 553w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-767-300x287.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-767-150x143.png 150w\" sizes=\"(max-width: 553px) 100vw, 553px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Event_Category_%C3%97_Intensity_Analysis_Does_the_market_reaction_exhibit_systematic_differences\"><\/span><strong>Event Category \u00d7 Intensity Analysis: Does the market reaction exhibit systematic differences?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To compare market reactions across different news types under identical event intensity, this study further cross-analyzed event categories with event intensity, using CAAR as the primary observation metric. Figure 5-4 reveals that while all event categories exhibit nearly identical negative CAAR under negative events, the magnitude of impact varies significantly. Within the same intensity group, the market reaction intensity differs markedly across event categories, indicating that the market does not react solely based on \u201cpositive or negative magnitude\u201d but simultaneously considers the nature of the event.<\/p>\n\n\n\n<p><strong>Figure2<\/strong>\uff1a<strong>CAAR Group Comparison Chart<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"864\" height=\"769\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-768.png\" alt=\"\" class=\"wp-image-43250\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-768.png 864w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-768-300x267.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-768-150x134.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-768-768x684.png 768w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><\/figure>\n\n\n\n<p>(Group: Categorized into 9 score types based on event intensity scores; Dimension: Classified into 5 major event categories)<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-background has-medium-font-size\" style=\"background-color:#ffe9ae\"><strong><em>\ud83d\udc49<\/em>You may also be interested in:<\/strong> <a href=\"https:\/\/www.tejwin.com\/en\/insight\/tcri-watchdog-part-1\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>TCRI Watchdog (P-type Events):<\/strong><br><strong>The Power of Material Disclosures \u2014 How Major Announcements Move Stock Prices<\/strong><\/a><\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Not_all_news_items_carry_the_same_amount_of_information\"><\/span>Not all news items carry the same amount of information.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Among the five major event categories, a highly consistent monotonic relationship exists between the negative event intensity of M-class events and the magnitude of stock price declines. The final CAAR for the -3 group reached -15.78%, approximately three times that of the -2 group (-5.31%).<\/p>\n\n\n\n<p><strong>Table 3<\/strong>\uff1a<strong> &nbsp;Detailed Statistical Results of M Type Events<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-right\" data-align=\"right\">Group<\/td><td class=\"has-text-align-right\" data-align=\"right\">Event Count<\/td><td class=\"has-text-align-right\" data-align=\"right\">Mean AAR (%)<\/td><td class=\"has-text-align-right\" data-align=\"right\">Final CAAR (%)<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-1<\/td><td class=\"has-text-align-right\" data-align=\"right\">1155<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.05%<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.17%***<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-2<\/td><td class=\"has-text-align-right\" data-align=\"right\">175<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.25%<\/td><td class=\"has-text-align-right\" data-align=\"right\">-5.31%***<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-3<\/td><td class=\"has-text-align-right\" data-align=\"right\">13<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.75%<\/td><td class=\"has-text-align-right\" data-align=\"right\">-15.78%**<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">1100<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.01%<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.17%<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">negative<\/td><td class=\"has-text-align-right\" data-align=\"right\">1343<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.09%<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.93%***<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">neutral<\/td><td class=\"has-text-align-right\" data-align=\"right\">628<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.03%<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.71%<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">positive<\/td><td class=\"has-text-align-right\" data-align=\"right\">1100<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.01%<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.17%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>In contrast, Industry Outlook (I-type) and Crisis (R-type) news also exhibit a consistent negative impact, though neither in significance nor persistence do they match the intensity of M-type events. Market transaction-related (F-type) news, however, exhibited relatively prominent performance in positive events. This reflects that information related to transactions and liquidity is more readily perceived as short-term positive catalysts. Yet, its effects were largely priced in before the announcement, with a Pre-event Ratio as high as 86.3% and a Post-Event Return of only 0.28%, lacking long-term sustainability.<\/p>\n\n\n\n<p><strong>Table4<\/strong>\uff1a<strong>Effect Distribution Table of F Type Events<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-right\" data-align=\"right\"><strong>Group<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>CAAR(t-1)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>CAAR(t=0)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>CAAR(t+10)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>AAR(t-1)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>AAR(t=0)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Pre%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>t=0%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Post%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Marginal%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Post-Ret%<\/strong><\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-1<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.13<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.92<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.13<\/td><td class=\"has-text-align-right\" data-align=\"right\">108.7<\/td><td class=\"has-text-align-right\" data-align=\"right\">13.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">-22.5<\/td><td class=\"has-text-align-right\" data-align=\"right\">-68.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.21<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-2<\/td><td class=\"has-text-align-right\" data-align=\"right\">-3.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">-3.94<\/td><td class=\"has-text-align-right\" data-align=\"right\">-4.6<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.33<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.15<\/td><td class=\"has-text-align-right\" data-align=\"right\">82.6<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">14.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">-55.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.65<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.53<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.66<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.94<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.39<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.12<\/td><td class=\"has-text-align-right\" data-align=\"right\">86.3<\/td><td class=\"has-text-align-right\" data-align=\"right\">4.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">9.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">-67.9<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.28<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">negative<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.05<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.17<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.98<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.13<\/td><td class=\"has-text-align-right\" data-align=\"right\">106.7<\/td><td class=\"has-text-align-right\" data-align=\"right\">12.9<\/td><td class=\"has-text-align-right\" data-align=\"right\">-19.6<\/td><td class=\"has-text-align-right\" data-align=\"right\">-68<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.19<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">neutral<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.5<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.46<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.58<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.02<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.04<\/td><td class=\"has-text-align-right\" data-align=\"right\">86.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">-6.6<\/td><td class=\"has-text-align-right\" data-align=\"right\">20.3<\/td><td class=\"has-text-align-right\" data-align=\"right\">61.5<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.12<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">positive<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.53<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.66<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.94<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.39<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.12<\/td><td class=\"has-text-align-right\" data-align=\"right\">86.3<\/td><td class=\"has-text-align-right\" data-align=\"right\">4.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">9.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">-67.9<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.28<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Timing_Structure_of_Management_Events\"><\/span><strong>Timing Structure of Management Events<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Management-related events also show strong pre-event reactions, but with more pronounced post-event adjustments than other categories, suggesting slower market digestion of governance-related risks.<\/p>\n\n\n\n<p><strong>Table 5<\/strong>\uff1a<strong>Effect Distribution Table of M Type Events<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-right\" data-align=\"right\"><strong>Group<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>CAAR(t-1)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>CAAR(t=0)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>CAAR(t+10)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>AAR(t-1)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>AAR(t=0)%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Pre%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>t=0%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Post%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Marginal%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Post-Ret%<\/strong><\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-1<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.67<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.75<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.17<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.32<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.08<\/td><td class=\"has-text-align-right\" data-align=\"right\">57.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">6.6<\/td><td class=\"has-text-align-right\" data-align=\"right\">36.0<\/td><td class=\"has-text-align-right\" data-align=\"right\">-76.0<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.42<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-2<\/td><td class=\"has-text-align-right\" data-align=\"right\">-2.85<\/td><td class=\"has-text-align-right\" data-align=\"right\">-3.39<\/td><td class=\"has-text-align-right\" data-align=\"right\">-5.31<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.61<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.54<\/td><td class=\"has-text-align-right\" data-align=\"right\">53.7<\/td><td class=\"has-text-align-right\" data-align=\"right\">10.1<\/td><td class=\"has-text-align-right\" data-align=\"right\">36.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">-12.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.93<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">-3<\/td><td class=\"has-text-align-right\" data-align=\"right\">-11.58<\/td><td class=\"has-text-align-right\" data-align=\"right\">-13.31<\/td><td class=\"has-text-align-right\" data-align=\"right\">-15.78<\/td><td class=\"has-text-align-right\" data-align=\"right\">-6.21<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.73<\/td><td class=\"has-text-align-right\" data-align=\"right\">73.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">10.9<\/td><td class=\"has-text-align-right\" data-align=\"right\">15.7<\/td><td class=\"has-text-align-right\" data-align=\"right\">-72.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">-2.47<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.18<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.19<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.17<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.04<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.00<\/td><td class=\"has-text-align-right\" data-align=\"right\">-111.1<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">211.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">-96.6<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.35<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">negative<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.10<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.27<\/td><td class=\"has-text-align-right\" data-align=\"right\">-1.93<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.42<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.17<\/td><td class=\"has-text-align-right\" data-align=\"right\">56.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">8.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">34.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">-59.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.67<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">neutral<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.21<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.09<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.71<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.20<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.12<\/td><td class=\"has-text-align-right\" data-align=\"right\">-30.0<\/td><td class=\"has-text-align-right\" data-align=\"right\">17.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">112.7<\/td><td class=\"has-text-align-right\" data-align=\"right\">-163.1<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.80<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">positive<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.18<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.19<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.17<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.04<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.00<\/td><td class=\"has-text-align-right\" data-align=\"right\">-111.1<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">211.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">-96.6<\/td><td class=\"has-text-align-right\" data-align=\"right\">-0.35<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Analysis of event categories and intensity reveals that news events indeed hold investment reference value, but the key lies not in the news itself, but in the event type to which it belongs. News related to management and governance carries the highest information content and market impact; in contrast, industry and transaction-related news tends to influence short-term sentiment or serve as information updates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion_Making_News_a_Verifiable_Investment_Signal\"><\/span><strong>Conclusion: Making News a Verifiable Investment Signal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Using event study methodology, this research systematically examines whether news media events in the TCRI Watchdog database generate identifiable and structured market reactions. The results demonstrate that news does contain investment signals, but their effectiveness depends critically on <strong>risk intensity and event type<\/strong>. Negative news shows clear directional effects, with stronger intensity leading to larger price declines. Compared with regulatory announcements<a href=\"Analysis%20of%20event%20categories%20and%20intensity%20reveals%20that%20news%20events%20indeed%20hold%20investment%20reference%20value,%20but%20the%20key%20lies%20not%20in%20the%20news%20itself,%20but%20in%20the%20event%20type%20to%20which%20it%20belongs.%20News%20related%20to%20management%20and%20governance%20carries%20the%20highest%20information%20content%20and%20market%20impact;%20in%20contrast,%20industry%20and%20transaction-related%20news%20tends%20to%20influence%20short-term%20sentiment%20or%20serve%20as%20information%20updates.\"> <\/a>or material disclosures, <strong>news reactions are more front-loaded and more prone to post-event correction, underscoring their role as leading rather than persistent information.<\/strong><\/p>\n\n\n\n<p>Further category analysis confirms that not all news is equally informative. <strong>Management and governance-related news carry the highest informational content and market impact<\/strong>, while industry and trading news is often absorbed quickly and must be interpreted in conjunction with event intensity and timing.<\/p>\n\n\n\n<p>Ultimately, the key to incorporating events into investment decision-making lies not in the volume of information, but in the ability to transform heterogeneous events into <strong>comparable, back-testable, and verifiable quantitative data<\/strong>. <a href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/\" target=\"_blank\" rel=\"noreferrer noopener\">TCRI Watchdog<\/a> provides such a framework by systematically integrating news, exchange disclosures, and regulatory information into a unified event-intensity system, enabling investors to analyze market behavior from an event-based perspective and integrate it with fundamentals, quantitative factors, and risk-management models.<\/p>\n\n\n\n<p class=\"has-background has-medium-font-size\" style=\"background-color:#ffe9ae\"><strong><em>\ud83d\udc49<\/em><\/strong><a href=\"https:\/\/www.tejwin.com\/en\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contact us to access the TCRI Watchdog database.<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Part I establishes that news events generate identifiable market reactions, the informational content of news varies widely\u2014from industry developments and financial disclosures to management changes and corporate crises. Event intensity alone is insufficient to explain these differences. Accordingly, this section decomposes news events into five categories (A, I, M, F, R) and examines whether markets respond systematically differently across news types.<\/p>\n","protected":false},"featured_media":43122,"template":"","tags":[3264,3476],"insight-category":[690,1356],"class_list":["post-43223","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-alternative-data","tag-tcri-watchdog","insight-category-data-analysis","insight-category-tquant-lab-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/43223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":27,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/43223\/revisions"}],"predecessor-version":[{"id":43521,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/43223\/revisions\/43521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/43122"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=43223"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=43223"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=43223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}