科学研究
报告题目：Anti-Media Sentiment
报告人：张元
报告时间：2025年6月13日（周五）10:00-11:30
报告地点：劝学楼245
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
This study examines how managers strategically engage with journalists during company conference presentations. We identify that about 5% of conference presentations exhibit anti-media sentiment where managers explicitly discourage media participation. Firms with negative media coverage, lower information uncertainty, and higher institutional ownership are more likely to be anti-media. These conferences feature more detailed financial content and greater executive participation. They also lead to lower return volatility and bid-ask spreads, suggesting improved market efficiency. Additional analyses show analysts respond more quickly than journalists in these settings, which contributes to the market outcome results. Supplementary analyses comparing journalist and analyst questions show that journalists’ questions are shorter, more ESG-focused, and more negative in tone. This demonstrates distinct information demands, helping explain why managers with specific incentives engage differently with media and analysts. Overall, our findings show that selective media engagement shapes the corporate information environment and has important capital market implications.
【报告人简介】
张元，美国杜兰大学Albert Lepage教授。张教授毕业于清华大学经管学院，在南加州大学商学院获得博士学位，曾任教哥伦比亚大学和德州大学达拉斯分校。她的主要研究方向包括财务会计、公司信息环境、以及证券市场监管。在 The Accounting Review、Journal of Accounting Research、Journal of Accounting and Economics、Management Science等顶尖学术期刊发表多篇学术论文，研究成果曾被Wall Street Journal、 The Economist等报道引用。张教授现任The Accounting Review、Contemporary Accounting Research 编委，以及China Journal of Accounting Research编辑和Asia Pacific Journal of Accounting and Economics 副主编。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
