Don't Believe the Hype: Local Media Slant, Local Advertising, and Firm Value
研究发现地方媒体在报道本地企业时用词更正面，原因之一是企业的本地广告支出；这种正面偏向与企业价值正相关，对小型、散户持股多、流动性差或波动大的企业影响更强。
ABSTRACT When local media report news about local companies, they use fewer negative words compared to the same media reporting about nonlocal companies. We document that one reason for this positive slant is the firms' local media advertising expenditures. Abnormal positive local media slant strongly relates to firm equity values. The effect is stronger for small firms; firms held predominantly by individual investors; and firms with illiquid or highly volatile stock, low analyst following, or high dispersion of analyst forecasts. These findings show that news content varies systematically with the characteristics and conflicts of interest of the source.