讲座通知——首都金融论坛第134期：The Role of the Media in Hedge Fund Activism
发布时间：2021-06-02 来源： 作者： [打印] 字号： T T T
主题：The Role of the Media in Hedge Fund Activism
Using News Corp.’s acquisition of Dow Jones & Company in 2007 as a natural experiment, we examine the role of the media in shareholder engagement. We find that firms with more negative media sentiment are more likely to be targeted by hedge funds. More importantly, media sentiment is more negative on firms targeted by hedge funds connected to the media prior to the targeting events, after the News Corp. acquired Dow Jones & Company in 2007. The media sentiment of target firms reverts to normal level after the 13D filing dates. Negative media sentiment helps activists to achieve their campaign objectives and leads to higher long-term stock returns. Finally, we provide suggestive evidence that news sentiment is positively associated with target firms’ advertising expenditures. Reporters with less reputational capital or career concerns are more likely to write news stories with negative sentiment.
王新杰，南方科技大学助理教授，2016年毕业于美国罗格斯大学(Rutgers University), 获金融学博士。此前分别在北京大学和罗格斯大学获得物理学学士和博士学位，在摩根大通银行(纽约)担任过资深量化分析师。主要研究方向为场外交易市场，市场微观结构，金融市场有效性，交易策略，信用风险，公司金融，新闻媒体和金融监管等。他的主要研究成果发表在Journal of Financial Economics, Journal of Financial Markets, Journal of Banking and Finance, Financial Management, Journal of Financial Research, Journal of Futures Markets, Journal of Fixed Income等国际期刊上。