Second, correlation analysis indicates that macroeconomic news releases, business activity indicators, and investor sentiment together explain only a small fraction of the variation in news pressure (see Internet Appendix III.B). It therefore appears that news pressure is driven by sensational stories that are mostly orthogonal to news about future cash flows and discount rates (i.e., economically important news). Finally, we exclude high-news pressure days on which the headlines of any of our selected broadcasters’ top three news segments contain at least one word from a list of economic keywords.10 We are left with a list of 551 event-days from 1968 to 2014 that we are confident in classifying as both noneconomic and potentially distracting. The corresponding events comprise the sample of distraction events used in our analyses.