Common Media Holding Companies and the Uniqueness of Business Press Content
研究发现，当媒体属于同一控股公司时，它们更倾向于报道相同的盈利公告，且语气和内容更相似，这种同质化会阻碍市场价格形成，对投资者和市场监管者具有警示意义。
ABSTRACT We examine how common media holding companies impact the uniqueness of business press content. Consistent with common media holding companies reducing the diversity of perspectives among journalists, we find that media outlets are more likely to cover the same earnings announcement and utilize more similar tone and content when they belong to a common holding company. We provide evidence that these effects are enhanced by outlet reach and economic incentives to share content. Finally, we provide evidence consistent with coverage by common media holding companies impeding price formation. Overall, our findings suggest that content within common media holding companies is less diverse and that this may have negative implications for markets. Data Availability: Data are available from the sources cited in the text. JEL Classifications: M40; M41; M49; G10; G14; L82.