G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9169
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
URLhttps://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.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Konstantin Sonin]的文章
[Ruben Enikolopov]的文章
[Maria Petrova]的文章
百度学术
百度学术中相似的文章
[Konstantin Sonin]的文章
[Ruben Enikolopov]的文章
[Maria Petrova]的文章
必应学术
必应学术中相似的文章
[Konstantin Sonin]的文章
[Ruben Enikolopov]的文章
[Maria Petrova]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。