Do Ads Influence Editors? Advertising and Bias in the Financial Media
检验了金融媒体编辑内容是否受广告商影响，发现三本个人理财杂志的共同基金推荐与过往广告相关，但全国性报纸无此现象；正面推荐虽增加资金流入，却无法预测回报，对读者成本较小。
The independence of editorial content from advertisers' influence is a cornerstone of journalistic ethics. We test whether this independence is observed in practice. We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national newspapers. Our tests control for numerous fund characteristics, total advertising expenditures, and past mentions. While positive mentions significantly increase fund inflows, they do not successfully predict returns. Future returns are similar for the funds we predict would have been mentioned in the absence of bias, suggesting that the cost of advertising bias to readers is small.