全球智库信息集成服务系统(G2TT): DP11991 Much Ado About Nothing: Is the Market Affected by Political Bias?

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来源类型	Discussion paper
规范类型	论文
来源ID	DP11991
	DP11991 Much Ado About Nothing: Is the Market Affected by Political Bias?
	Massimo Massa; Alberto Manconi; Mancy Luo
发表日期	2017-04-24
出版年	2017
语种	英语
摘要	We study whether investor behavior is affected by a political bias. We exploit an exogenous change in the market’s perception of political bias in the media: the 2007 acquisition of Dow Jones Newswires (DJNW) by News Corp. We find that investors react to a perceived pro-Republican bias of DJNW: after the acquisition, the prices of “Republican” stocks (stocks of firms making political contributions to the Republican Party) become less sensitive to sentiment in the DJNW. The effect is restricted to DJNW news, and cannot be detected in information channels unaffected by the News Corp. acquisition, such as corporate press releases and earnings surprises. It also appears driven by stocks traded by more profitable investors, short-term investors, and investors more likely to have a Democrat leaning. Finally, we show that in fact the New Corp. acquisition unlikely introduced a political bias in DJNW: there is no significant change in DJNW sentiment for the average Republican (or Democrat) stock after 2007. This suggests that the market tends to counteract a perceived media political bias, and is not always capable to distinguish between real and perceived biases.
主题	Financial Economics
关键词	Media and financial markets Political bias
URL	https://cepr.org/publications/dp11991
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/540803
推荐引用方式 GB/T 7714	Massimo Massa,Alberto Manconi,Mancy Luo. DP11991 Much Ado About Nothing: Is the Market Affected by Political Bias?. 2017.