{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,24]],"date-time":"2026-10-24T02:41:07Z","timestamp":1792809667735,"version":"4.5.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":56,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Financial news headlines emphasize selected aspects of a broader story. We study the pricing implications of this choice by comparing published headlines with counterfactual headline distributions generated from the same articles using large language models. Among historical S&amp;amp;P 500 constituents during 2000-2024, a standard-deviation increase in headline divergence predicts 9 basis points higher next-month returns. Greater divergence is associated with an initial price decline followed by recovery over subsequent weeks. Predictability is stronger for longer articles and firms with less news coverage. The findings support a price-correction interpretation in which investors initially overweight the facts highlighted in headlines and gradually incorporate the article's remaining information.<\/jats:p>","DOI":"10.2139\/ssrn.7656344","type":"posted-content","created":{"date-parts":[[2026,10,23]],"date-time":"2026-10-23T10:21:42Z","timestamp":1792750902000},"source":"Crossref","is-referenced-by-count":0,"title":["Headline Emphasis and Stock Returns: Evidence from Counterfactual Headlines"],"prefix":"10.2139","author":[{"given":"Jingsong","family":"Chen","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1013-9984","authenticated-orcid":true,"given":"Yubo","family":"Tao","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","doi-asserted-by":"crossref","first-page":"1593","DOI":"10.1093\/qje\/qjw024","article-title":"Measuring 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