主题：Watching TVS Left and Right: Partisanship in Media and Corporate Risk-taking.
主讲人：Assistant Professor of Finance, Florida State University, College of Business Baixiao (Tony) Liu
Baixiao (Tony) Liu is the Assistant Professor of Finance in Florida State University, College of Business. He holds a B.Sc. in Communication Engineering from University of Electronic Science and Technology of China and a Ph.D. in Finance from Purdue University, Krannert School of Management. His research mainly spans the topic of Corporate Finance.
Using the introduction of Fox News into local cable markets as a natural experiment, we investigate whether partisanship in television media outlets influences corporate decisions involving investment policy, debt policy, and risk-taking. The consequence of these decisions is an increase in the firms’ stock return volatility. Using a triple difference framework, we find that this effect is more pronounced for firms that have Republican-leaning management and are located in Republican-leaning states. We interpret our findings to imply that partisanship in media influences corporate risk-taking by affecting managers’ perception of risk when media outlets aligned with the ideology of the president are optimistic relative to ideologically opposed media outlets. Our results highlight the importance of the heterogeneity in media slant in understanding the role of the media in corporate decision-making.