会计系学术讲座系列2022年第3讲

主 题：新闻付费墙的光明与黑暗面

主讲人: 汝毅(中国人民大学商学院讲师)

协调人: 徐图 张敏

时 间：2022-03-23 14:00

地 点：明商706会议室

语 言：中文

讲座摘要:

We examine the implications of a news paywall for the capital market by exploiting the adoption of a digital subscription model by Caixin.com, a major financial media outlet in China as a quasi-experiment. Using a difference-in-difference research design, we find that news articles at Caixin.com have more original and detailed content and have higher associations with future earnings news after the paywall implementation than before, compared to control media outlets. However, news articles behind the paywall are associated with higher bid-ask spreads relative to other news articles. Further analyses show the paywall leads to a decrease in retail investors’ activities on social media, but an increase in forecast accuracy by analysts who are more likely to subscribe to Caixin.com. Overall, we provide novel evidence that a news paywall improves news quality but also contributes to an unlevel playing field for investors.

主讲人简介:

汝毅，中国人民大学商学院会计系讲师，清华大学经济管理学院会计学博士，美国哥伦比亚大学商学院访问学者，研究方向为媒体独立性、信息披露的外部性、银行监管和贷款决策等。研究成果发表于Review of Accounting Studies、《管理世界》《金融研究》《会计研究》《财经研究》等期刊。曾获得北京市优秀毕业生、清华大学优秀博士学位论文、清华大学研究生综合一等奖学金等荣誉。