کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
8942353 | 1645074 | 2018 | 60 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Media censorship and stock price: Evidence from the foreign share discount in China
ترجمه فارسی عنوان
سانسور رسانه ها و قیمت سهام: شواهد از تخفیف سهم خارجی در چین
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper studies the price implication of media censorship in the context of the long-standing foreign share discount puzzle in China. We conjecture that the government censors negative news and promotes positive news in Chinese media, leading to the premium on A-shares, which are mainly traded by domestic investors. We find that the ratio of positive to negative news is substantially higher for Chinese newspapers than English newspapers. Such favouritism is found to inflate the price of domestic A-shares and contribute to the discount of foreign B-shares from the same firms. We also provide evidence that B-share investors pay more attention to bad news, while A-share investors pay more attention to good news. Our findings suggest that the news perception distorted by media censorship helps to explain the foreign share discount puzzle and has important implications for international capital flows.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 55, July 2018, Pages 112-133
Journal: Journal of International Financial Markets, Institutions and Money - Volume 55, July 2018, Pages 112-133
نویسندگان
Rong Ding, Wenxuan Hou, Yue (Lucy) Liu, John Ziyang Zhang,