摘要：This study examines firms’ anti-media sentiment during corporate conference presentations, where they explicitly discourage media

反媒体情绪

Anti-Media Sentiment

讲座信息

主讲人

许达教授

清华大学

日期和时间

2025年9月12日（周五）

10:30 - 12:00

地点

会议楼II，103会议室

讲座概述

This study examines firms’ anti-media sentiment during corporate conference presentations, where they explicitly discourage media participation. Firms with stronger incentives to manage narratives, lower information uncertainty, and higher institutional ownership are more likely to be anti-media. Their conference presentations feature greater executive participation and more detailed financial content and result in an improved information environment characterized by lower return volatility and narrower bid-ask spreads. Analysts (journalists) respond more quickly (slowly) to anti-media presentations, which contributes to the observed market effects. Supplementary analyses reveal that journalists’ questions are shorter, more ESG-focused, and more negative in tone than those of analysts, reflecting distinct information demands. These differences help explain why managers with specific incentives engage selectively with media versus analysts. Overall, the findings indicate that firms recognize differences among information intermediaries and adopt selective media engagement to shape the corporate information environment and capital market outcomes.

主讲人简介

许达教授

清华大学

许达，清华大学经济管理学院助理教授，美国杜兰大学金融与财务会计博士。主要研究方向为信息披露，在《Journal of Accounting and Economics》、《Review of Accounting Studies》、《Management Science》、《经济研究》等国内外顶刊发表多篇论文。

来源：新浪财经