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Newspaper Censorship in China: Evidence from Tunneling Scandals

Author

Listed:
  • Ole-Kristian Hope
  • Yi Li
  • Qiliang Liu
  • Han Wu

    (HEC Paris - Ecole des Hautes Etudes Commerciales)

Abstract

Media dissemination plays an important role in facilitating price discovery. Political pressure that restricts media dissemination can hinder this function and affect investors' perceptions. This paper studies the magnitude of newspaper censorship in China and its economic consequences using a setting of "tunneling" scandals. We find significant evidence of censorship of tunneling-related negative news at the national and local level. We further show that news that survives censorship reduces information asymmetry and improves pricing efficiency. We find that censorship blocks informative tunneling news and delays incorporation of tunneling reporting into prices.

Suggested Citation

  • Ole-Kristian Hope & Yi Li & Qiliang Liu & Han Wu, 2020. "Newspaper Censorship in China: Evidence from Tunneling Scandals," Working Papers hal-02953050, HAL.
    • Handle: RePEc:hal:wpaper:hal-02953050
    as

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    Cited by:

    1. Wu, Yanling & Tian, Gary Gang, 2021. "Public relations expenditure, media tone, and regulatory decisions," Journal of Corporate Finance, Elsevier, vol. 66(C).
    2. Yi Ru & Jian Xue & Yuan Zhang & Xin Zhou, 2020. "Social connections between media and firm executives and the properties of media reporting," Review of Accounting Studies, Springer, vol. 25(3), pages 963-1001, September.

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