全球智库信息集成服务系统(G2TT): DP9169 Do Political Blogs Matter? Corruption in State-Controlled Companies, Blog Postings, and DDoS Attacks

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP9169
	DP9169 Do Political Blogs Matter? Corruption in State-Controlled Companies, Blog Postings, and DDoS Attacks
	Konstantin Sonin; Ruben Enikolopov; Maria Petrova
发表日期	2012-10-07
出版年	2012
语种	英语
摘要	Though new media has become a popular source of information, it is less clear whether or not they have a real impact on economic activity. In authoritarian regimes, where the traditional media are not free, this impact might be especially pronounced. We study consequences of blog postings of a popular Russian anti-corruption blogger and shareholder activist Alexei Navalny on the stock prices of state-controlled companies. In an event-study analysis, we find a negative effect of company-related blog postings on both daily abnormal returns and within-day 5-minute returns. To cope with identification problem, we use the incidence of distributed denial-of-services (DDoS) attacks as a variable that negatively affects blog postings, but is orthogonal to other determinants of asset prices. There is a substantial positive effect of the DDoS attacks on abnormal returns of the companies Navalny wrote about, and this effect is increasing in amount of his attention to these companies. the effect is decreasing in attention to posts of other top bloggers, increasing in visitors? attention to Navalny?s posts, and is consistent with more pronounced individual, in contrast to institutional, trading. Finally, there are long-term effects of certain types of posts on stock returns, trading volume, and volatility. Overall, our evidence implies that blog postings about corruption in state-controlled companies have a negative causal impact on stock performance of these companies.
主题	Development Economics ; Financial Economics ; Public Economics
关键词	Alexei navalny Blogs Corruption Political economy Russia
URL	https://cepr.org/publications/dp9169
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/538004
推荐引用方式 GB/T 7714	Konstantin Sonin,Ruben Enikolopov,Maria Petrova. DP9169 Do Political Blogs Matter? Corruption in State-Controlled Companies, Blog Postings, and DDoS Attacks. 2012.