“大金融学科学术研究沙龙”第81期: 

(Released in:2016-09-18 )

主题:Political Bias of Corporate News: Role of Conglomeration Reform in China                                

主讲人:张田余 香港中文大学教授

主持人:金融学院 冯旭南 副教授

时间:920日(星期二)下午1:30-3:00

地点:格致楼317会议室

主办单位:金融学院、科研处

主讲人简介:

Professor Zhang is the Professor at School of Accountancy and  Director of Center for Institutions and Governance of The Chinese University of Hong Kong (CUHK). He got his BA from Nankai University, MA from Shanghai University of Finance and Economics and Ph.d from Hong Kong University of Science and Technology.  Before joining CUHK, Professor Zhang worked for City University of Hong Kong from 2005-2010. Professor Zhang has published research articles in finance, accounting and economics journals such as Journal of Finance, Journal of Financial Economics, The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Contemporary Accounting Research, and Journal of Law, Economics and Organization. His research was featured in the Wall Street Journal, Associated Press, Business Wired, and Caixin. Professor Zhang sits on the editorial board of The Accounting Review, China Journal of Accounting Research, and China Journal of Accounting Studies.  .

内容提要:

Using textual analyses of 1.8 million articles, we find that the authoritarian government in China manages to align the newspaper industry to better fulfill its dual role as the government’s mouthpiece and an information institution supporting the market economy. More specifically, our evidence shows that through the conglomeration reform that re-organizes official and business newspapers from the same locale into a news group under state control, there is a decrease (increase) in positive tone and political content in business (official) newspaper articles, suggesting that business newspapers become more focused on commercial objectives and official newspapers more concentrated on political goals. Our results are robust to using a matched firm-month research design that examines the content of articles written about the same firm in the same month, a matched firm-event approach that examines concurrent newspaper articles published immediately following corporate earnings announcements and a difference-in-difference approach to test for conglomeration effects.