Abstract
This study relies on 22 expert interviews and a survey among 40 financial journalists in the United States to reassess the role of financial journalists for financial markets in today’s high-frequency information and news era. Findings point to a discrepancy between the ideal active watchdog role journalists picture for themselves and their actual role enactment. Furthermore, the process of constructing and distributing financial news has been found to be self-referential within the financial system, leaving little room for alternative voices. In this sense, the influence of regular financial reporting in driving stock market prices has been found to be limited but contingent on various factors such as unexpected news, repeatedly negative reporting, or news about a merger. Eventually, facing the proliferation of online news, journalists have raised a general concern regarding the loss of journalistic values, but they also see potentials for their discipline in light of automated reporting and online news.
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