新闻自由与股票回报：新兴市场的实证研究

Q2 Economics, Econometrics and Finance

Global Journal of Emerging Market Economies Pub Date : 2020-09-01 DOI:10.1177/0974910120967155

T. Le

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引用次数: 1

摘要

本文研究了新兴市场新闻自由与股票收益之间的关系。尽管研究表明，信息不对称是金融市场高度波动的原因之一，也是一种风险，但新闻在降低这种风险方面的作用尚未得到彻底研究。这篇文章试图弥合这一差距，并调查了自由和公正的媒体如何影响股票市场的超额回报。利用国际资本资产定价模型（ICAPM）、Fama MacBeth的方法以及1986年至2000年16个新兴经济体的数据集，本研究能够表明跨国超额收益与新闻自由度显著相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Freedom of the Press and Equity Returns: Empirical Investigation in Emerging Markets

This article studies the relationship between freedom of press and equity returns in emerging markets. While research has shown that asymmetric information is one reason for high volatility and one type of risk in financial markets, the role of press in reducing that risk has not yet been studied thoroughly. The article attempts to bridge that gap and investigates how a free and unbiased press affects excess returns in stock market. Using the International Capital Asset Pricing Model (ICAPM), Fama-MacBeth’s methodology, and dataset from16 emerging economies from 1986 to 2000, this research is able to show that cross-country excess returns are significantly related to the degree of press freedom.

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来源期刊

Global Journal of Emerging Market Economies Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Global Journal of Emerging Market Economies is a peer-reviewed journal. The aim of the journal is to provide an international platform for knowledge sharing, discussion and networking on the various aspects related to emerging market economies through publications of original research. It aims to make available basic reference material for policy-makers, business executives and researchers interested in issues of fundamental importance to the economic prospects and performance of emerging market economies. The topics for discussion are related to the following general categories: D. Microeconomics E. Macroeconomics and Monetary Economics F. International Economics G. Financial Economics H. Public Economics I. Health, Education, and Welfare J. Labor and Demographic Economics L. Industrial Organization O. Economic Development, Innovation, Technological Change, and Growth Q. Agricultural and Natural Resource Economics • Environmental and Ecological Economics R. Urban, Rural, Regional, Real Estate, and Transportation Economics Additionally, the journal would be most interested to publish topics related to Global Financial Crisis and the Impact on Emerging Market Economies Economic Development and Inclusive Growth Climate Change and Energy Infrastructure Development and Public Private Partnerships Capital Flows to and from Emerging Market Economies Regional Cooperation Trade and Investment and Development of National and Regional Financial Markets The Belt and Road Initiative.