Melbourne Accounting Research Seminar - Professor Joseph Piotroski
Melbourne Accounting Research Seminar
Deans Boardroom, level 12, The Spot
198 Berkeley St, Carlton
Professor Joseph Piotroski from Stanford University will present a MARS seminar.
Topic: Firm News and Market Views: The Informational Roles of Official and Non-Official Newspapers in China
Abstract: Prior research documents that official newspapers in China publish business news articles that are more positively biased and contain greater political content, and as a result, are relatively less informative than articles published by non-official newspapers. We posit and find that despite these political biases, official newspapers serve an important informational role by providing more value relevant industry and market wide information to the market than non-official newspapers. We also show that the strength of this information role varies based on the political proximity of the newspaper to the central government and intensifies during highly politicized time periods.