Press freedom, externally-generated transparency, and stock price informativeness: International evidence

Analyst Forecast Accuracy and Media Independence

“…Specifically, we follow the methodology used by La Porta, Lopez‐de‐Silanes, and Shleifer () and Kim et al. () by focusing explicitly on voting rights rather than cash flow rights in each firm. For each newspaper publishing firm in a year, we identify the legal entities that own significant stakes, which provide the first level of ownership.…”

Corporate social responsibility and media coverage

“…It is well documented that the business press plays an important role as an information intermediary and that media coverage affects a firm's information environment (e.g., Tetlock et al 2008, Fang and Peress 2009, Engelberg and Parsons 2011, Griffin et al 2011, Dougal et al 2012, Kim et al 2014a. Such studies assume that media coverage is exogenous.…”

The Impact of Firm‐Level Illiquidity on Crash Risk and the Role of Media Independence: International Evidence

“…They discover and disseminate news that the public should know, including information about corporate wrongdoing, and conduct independent investigations of the actions of decision makers, including corporate managers. In particular, Kim et al () documented that the transparency produced through investigative and critical reporting by the press can enhance the ability of stock prices to incorporate firm‐specific information. Thus, independent media can make a big contribution to democratic institutions that promote free society, liberal economic policies, good governance, and the functional efficiency of financial markets.…”