主 题：Common Business Group Affiliation and Media Slant
时 间：2019-12-20 10:00
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.
※ 联系方式：中国人民大学商学院宣传信息事务办公室 邮箱：email@example.com