The Effect of Politician Career Concerns on Media Slant and Market Return: Evidence from China
Abstract
We document that Chinese city officials are more likely to be promoted if firms under their jurisdictions receive less negative media coverage towards their term-ends. Consequently, local officials suppress negative news of local companies at their term-ends. Such distortion worsens the information environment. We show that a trading strategy exploiting this informational inefficiency can generate a 12% per annum abnormal return. We also find...
Paper Details
Title
The Effect of Politician Career Concerns on Media Slant and Market Return: Evidence from China
Published Date
Jan 1, 2016
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