278th Seminar


Venue/地点:Room 501, Jiageng Building 2/嘉庚二号楼501教室

Topic/题目: Do News Media Provide Useful Information for Firm Managers? Evidence from Local Newspaper Closures


Online Conference ID/腾讯会议号:207-208-076

Abstract/摘要:Media have been shown to produce corporate information to stakeholders and monitor firms’ misconducts, but little is known about the role of media in producing decision-useful public information to firm managers. To shed light on this issue, I employ local newspaper closures as a plausibly exogenous source of variation in local newspapers’ information provision and find that local newspaper closures lower nearby firms’ management earnings forecast accuracy and precision. The impact is more pronounced in firms with a greater demand for local information and in regions with fewer alternative sources of local information, consistent with the usefulness of local newspapers’ information supply for managers in making high-quality disclosure. Further analyses reveal that local newspaper closures also reduce nearby firms’ investment efficiency and investment sensitivity to local economic conditions but increase firms’ investment sensitivity to Tobin’s Q, consistent with firms compensating for a loss of local information sources by acquiring information from alternative sources. Overall, my findings provide evidence that news media—even the small ones with only a regional reach—provide decision-useful information to firm managers.

About the Speaker/报告人简介:刘俊岐,现任厦门大学财务管理与会计研究院助理教授,博士毕业于法国ESSEC商学院。其研究兴趣主要包括企业强制和自愿信息披露以及信息中介(如分析师、新闻媒体)。