国际知名期刊中国问题研究：媒体研究

本期主要介绍中国媒体研究的最新论文，以及过往与该研究相关的论文，具体如下：

1.Local versus non-local effects of Chinese media and post-earnings announcement drift

Journal of Banking & Finance

Volume 106, September 2019

Jeong-Bon Kim

City University of Hong Kong

Liuchuang Li

Xian Jiatong University

Zhongbo Yu

Shenzhen Stock Exchange Research Institute

Hao Zhang

University of Macau

Abstract

Taking advantage of the institutional difference in capture between local and non-local media in China, we examined the association between media capture and post-earnings announcement drift (PEAD).Using both portfolio and regression analyses, we found that, for the same firms, non-local media coverage is negatively associated with PEAD; however, there is no association between local media coverage and PEAD, except for non-state-owned firms. Given that in China, non-local media are less captured or more independent than local media, the negative association observed for non-local media coverage can be interpreted as an indication that media independence plays a role in reducing PEAD or improving informational efficiency in the stock market.

Keywords: Media capture; Local versus non-local Chinese media; PEAD

链接地址：

https://www.sciencedirect.com/science/article/pii/S0378426619301050

2.Alternative corporate governance: Domestic media coverage of mergers and acquisitions in China

Journal of Banking & Finance

Volume 87, February 2018, Pages 1-25

PaulBorochin

University of Connecticut Business School

Wei HuaCu

University of Xiangtan

Abstract

A text analysis of domestic Chinese newspaper articles covering 797 proposed domestic mergers shows that the media in developing countries is susceptible to pressure: coverage is more favorable for deals consistent with government objectives and involving powerful local firms. However, we also find that coverage can affect the outcome of proposed M&A deals in non-state owned firms. We identify this effect using an exogenous shock to market-driven governance from the Split-Share Structure Reform of 2007. Negotiation coverage predicts long-term performance, consistent with information dissemination. Despite biased coverage, domestic media in developing countries can function as an alternative channel for corporate governance.

Keywords: Mergers and acquisitions, Media bias, Text categorization, Corporate governance, China

链接地址：

http://www.sciencedirect.com/science/article/pii/S0378426617302078#!

3.Who Captures the Power of the Pen?

The Review of Financial Studies

Volume 31, Issue 1, January 2018

Jiaxing You

Xiamen University

Bohui Zhang

The Chinese University of Hong Kong

Le Zhang

UNSW Business School

Abstract

We study how government control affects the roles of the media as an information intermediary and a corporate monitor.Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media,we find that articles by the market-oriented media are more critical,more accurate,more comprehensive,and timelier than those by the state-controlled media.Moreover,only articles by the market-oriented media have a significant corporate governance impact.Subsample analyses,interviews with journalists,and a survey of university students suggest that the market-oriented media’s superior effects are explained by their operating efficiency and independence.

链接地址：

https://academic.oup.com/rfs/article/31/1/43/3924338

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