學(xué)術(shù)講座：The Perils of Crying ‘Fake News’

講座題目：The Perils of Crying ‘Fake News’

時(shí)間：3月5日（周二）12:20-13:30

地點(diǎn)：博學(xué)樓925

主講人：羅曼茜

主講人簡(jiǎn)介：

羅曼茜博士現(xiàn)任鹿特丹伊拉斯姆斯大學(xué)（RSM Erasmus university）助理教授。她本科畢業(yè)于廈門大學(xué)，博士畢業(yè)于荷蘭蒂爾堡大學(xué)，曾在麥吉爾大學(xué)（Mcgill University）和哥倫比亞大學(xué)商學(xué)院（Columbia University）訪學(xué)。主要研究方向?yàn)橘Y產(chǎn)管理和政治經(jīng)濟(jì)學(xué)。她曾獲得由荷蘭科學(xué)研究組織頒發(fā)的杰出人才研究基金，以及Inquire Europe獎(jiǎng)。她的研究成果曾獲2016年第四屆SUERF/UniCredit & Universities研究獎(jiǎng)金并收錄于各種會(huì)議中。

講座內(nèi)容簡(jiǎn)介：

Abstract：We use the 2007 acquisition of Dow Jones Newswires (DJNW) by News Corporation as an experiment, to study whether the perception of a news source’s political affiliation affects its credibility and impact on the financial market. Following the acquisition, the prices of “Republican” stocks (stocks of firms making larger political contributions to the Republican party) become less sensitive to sentiment in DJNW news pieces, relative to “Democrat” stocks. The effect is driven by the reaction to positive commentary about Republican stocks and negative about Democrat stocks, and by investors with a Democrat lean. We find, however, no evidence of an actual bias in DJNW sentiment following 2007, suggesting that the market fails to incorporate valuable information in stock prices. Consistent with this view, a trading strategy that tracks DJNW news earns abnormal returns over the period following the acquisition. Finally, we find that the attenuated response to DJNW news has material implications for asset price efficiency, and associates with a lower firm-specific information content of stock prices. These findings suggest that crying ‘fake news’ and more in general allegations of a bias in the media can be as relevant as biased news themselves.

    摘要：我們利用2007年新聞集團(tuán)對(duì)道瓊斯公司的收購(gòu)作為實(shí)驗(yàn)，來(lái)研究人們對(duì)于新聞媒體政治偏向的看法如何影響新聞的可信度以及如何影響金融市場(chǎng)。此收購(gòu)之后，那些捐款更多給共和黨公司的股票價(jià)格對(duì)于道瓊斯新聞情緒的敏感度顯著減少。這個(gè)效果主要來(lái)自于有關(guān)共和黨公司的正面新聞，和有關(guān)于民主黨公司的負(fù)面新聞，以及那些有民主黨傾向的投資者。而事實(shí)上，我們并未發(fā)現(xiàn)道瓊斯新聞中真的有政治偏向，這也反映出市場(chǎng)并沒(méi)有把有價(jià)值的信息及時(shí)的消化。因此，我們可以構(gòu)建追蹤道瓊斯新聞情緒的投資策略從而獲得較高的收益。我們的發(fā)現(xiàn)表明，宣稱假新聞或者咬定新聞媒體是有偏向這件事本身已經(jīng)能帶來(lái)很嚴(yán)重的后果。