会计系2019双周论坛第二十八讲

来源:会计系 发布时间:2019-12-18

主 题:Common Business Group Affiliation and Media Slant

主讲人: 汝毅(清华大学经济管理学院)

协调人: 张博

时 间:2019-12-20 10:00

地 点:明德商学楼1007室

语 言:中英文

 

Abstract:

Using a novel dataset that allows the identification of newspapers and publicly traded firms affiliated with the same business group, we examine whether common business group affiliation affects the quality of media reporting on firms. We find that newspapers are more optimistic in their coverage of connected firms and that there is a greater disconnect between their reporting and the stock returns that firms experience. Further analyses reveal that the optimism bias is stronger when the affiliated business group has more investment at stake in the publicly traded firm and more power to influence the newspaper and when the firm can benefit more from positive media coverage. Finally, we show that connected newspapers play a weaker information intermediary role, as their reporting has less predictive power for future firm performance and adverse corporate events. Overall, our evidence suggests that media-firm connections via common business group affiliation undermines the media’s independence and objectivity. 

 

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