This study examines the impacts of media reports prior to earnings announcements on trading behaviors in the Taiwan stock market. The results reveal that media coverage prior to earnings announcements has positive impacts on the price changes and volatility initiated by foreign investors, with the findings being consistent in both bull and bear markets. There exists a positive relation between media coverage and trading volatility for individual traders; however, there is no significant relation between the media and price changes. We argue that a firm's media exposure leaves investors with diverse impressions, ultimately influencing their trading behavior.