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Behavioral Hypotheses

1.e.14. A trickle of news. Ref. 0024

In January 2002, the El Mundo newspaper published a series of articles on an apparent case of insider trading in a company created by the President of Telefónica when he was responsible for Tabacalera (now Altadis) and subsequently sold to one of his nephews. In addition to a number of editorials and information on the events and on the reactions to publication of these articles (such as “César Alierta unexpectedly fires all the top management of Telefónica Media” [12th], and “The PSOE asks the anti-corruption prosecutor to act against Alierta for ‘evidence of an offence’” [11th]), the newspaper gives prominence to the following articles in which additional information is provided: “Investigation: a nephew of Alierta received 309 million in six months from shares in Tabacalera when his uncle was President” [9th]; “Financial scandal: the present Secretary of Telefónica helped to exonerate Alierta’s nephew in the National Securities and Exchange Commission” [10th]; “Insider information: Alierta set up the company himself and obtained the loan used by his nephew (14th); “Insider information: the Securities Commission closed the investigation when Alierta was summoned to declare” [15th]; and “Insider information case: Alierta chose a former employee to certify the alleged sale to his nephew” [16th]. Since all of these events had taken place long before, the newspaper probably had all the information on 9 January. If so, why did they prefer to spread it out throughout the week? How does this complicate the “crisis management” of the affected firm?
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Behavioral Hypotheses
  1. The hikers & the tiger
  2. Diamonds without interests
  3. Resumen evangélico (ES)
  4. Tocando tierra (ES)
  5. Suboptimización humana (ES)
  6. Escaleras mecánicas (ES)
  7. Compradores irracionales (ES)
  8. Product placement (ES)
  9. La eficacia del látigo (ES)
  10. Caras o cruces (ES)
  11. Desgracias acompañadas (ES)
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