{"title":"新闻自由与股票回报:新兴市场的实证研究","authors":"T. Le","doi":"10.1177/0974910120967155","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":37512,"journal":{"name":"Global Journal of Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0974910120967155","citationCount":"1","resultStr":"{\"title\":\"Freedom of the Press and Equity Returns: Empirical Investigation in Emerging Markets\",\"authors\":\"T. Le\",\"doi\":\"10.1177/0974910120967155\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":37512,\"journal\":{\"name\":\"Global Journal of Emerging Market Economies\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1177/0974910120967155\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Global Journal of Emerging Market Economies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1177/0974910120967155\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Journal of Emerging Market Economies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/0974910120967155","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
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.
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.