This study develops several Google search‐based measures to test the relation between earnings‐week online search results and the speed of price discovery. These measures are based on searches using only a firm's ticker symbol in the search string. I collect the total number of search results (across all search result pages) as well as the type and content of search results on the first three pages of search results. I find that the quantity, quality, and content of search results have varying effects on the speed at which earnings news is impounded into stock price. I also find that effects are only observed for search results presented on the first page of a Google search. Overall, my results suggest that (1) increases in online information are associated with slower price discovery, and (2) the likely mechanism by which this association operates is through useful search results being crowded off the first page of results by more complex or irrelevant search results.

We examine changes in bank loan contracts after borrowers experience a nearby local newspaper closure. Compared to a sample of control firms, we find that the closure of a local newspaper leads to higher interest spreads for borrowers. This effect is more pronounced when there are fewer related lenders in the syndicate, when lenders have less prior lending experience in the local area, when the closed local newspapers are associated with increases in misconduct cases, and for institutional lenders who rely more heavily on others for monitoring. In addition, we observe that loan contract amendments become less frequent, while covenant strictness increases following newspaper closures. Our main findings are robust to various research design specifications and are not driven by deteriorating local economic conditions. Our findings suggest that local media still plays a significant role in the debt markets, even as society moves deeper into the internet era.