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Who Captures the Power of Pen?

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...

2018年10月17日

Panda Games: Corporate Disclosure in the Eclipse of Search

We conduct a textual analysis and exploit an exogenous event — Google’s 2010 surprising withdrawal from the Chinese mainland — which significantly hampered domestic investors’ ability to access foreign information. Following Google’s exit, Chinese firms’ announcements concerning their foreign transactions become more bullish in comparison to similar ann...

2018年10月16日

Credit Expansion and Neglected Crash Risk

By analyzing 20 developed economies over 1920–2012, we find the following evidence of overoptimism and neglect of crash risk by bank equity investors during credit expansions.The recent financial crisis in 2007–2008 has renewed economists’ interest in the causes and consequences of credit expansions....

2017年09月04日

Understanding the Effect of Productivity Changes on International Relative Prices: the Role of News Shocks

The US real exchange rate and terms of trade have been found to appreciate when its labor productivity increases relative to the rest of the world. This finding is at odds with predictions from standard international macroeconomic models. ...

2017年09月04日