Local versus non-local effects of Chinese media and post-earnings announcement drift
Kim,Jeong Bon1; Li,Liuchuang2; Yu,Zhongbo3; Zhang,Hao4
Source PublicationJournal of Banking and Finance
ABS Journal Level3

Taking advantage of the institutional difference in capture between local and non-local media in China, we examined the association between media capture and post-earnings announcement drift (PEAD). Using both portfolio and regression analyses, we found that, for the same firms, non-local media coverage is negatively associated with PEAD; however, there is no association between local media coverage and PEAD, except for non-state-owned firms. Given that in China, non-local media are less captured or more independent than local media, the negative association observed for non-local media coverage can be interpreted as an indication that media independence plays a role in reducing PEAD or improving informational efficiency in the stock market.

KeywordLocal Versus non-Local Chinese Media Media Capture Pead
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Document TypeJournal article
Corresponding AuthorLi,Liuchuang; Zhang,Hao
Affiliation1.Department of accountancy,City University of Hong Kong, Hong Kong,China
2.Department of Accounting, Xian Jiatong University, Xian, China
3.Shenzhen Stock Exchange Research Institute, Shenzhen, China
4.Department of Accounting and Information Management, University of Macau, Macau, China
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
Kim,Jeong Bon,Li,Liuchuang,Yu,Zhongbo,et al. Local versus non-local effects of Chinese media and post-earnings announcement drift[J]. Journal of Banking and Finance,2019,106:82-92.
APA Kim,Jeong Bon,Li,Liuchuang,Yu,Zhongbo,&Zhang,Hao.(2019).Local versus non-local effects of Chinese media and post-earnings announcement drift.Journal of Banking and Finance,106,82-92.
MLA Kim,Jeong Bon,et al."Local versus non-local effects of Chinese media and post-earnings announcement drift".Journal of Banking and Finance 106(2019):82-92.
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