This study examines whether firms’ political activism induces bias in the media’s coverage of earnings announcements and how such coverage impacts markets. We infer firm political ideology based on employee political contributions, and identify firm and manager characteristics associated...

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why markets react to central bank communications. We find that...

Exposure to conservative news causes judges to impose harsher criminal sentences. Our evidence comes from an instrumental variables analysis, where randomness in television channel positioning across localities induces exogenous variation in exposure to Fox News Channel. These treatment data on...

In a large-scale online experiment with U.S. Democrats, we examine how the demand for a newsletter about an economic relief plan changes when the newsletter content is fact-checked. We first document an overall muted demand for fact-checking when the newsletter features stories from an...

What motivates kidnapping decisions by rebel groups? This paper studies news coverage of a proposed prisoner exchange program (the Acuerdo Humanitario; AH) in connection with FARC (Revolutionary Armed Forces of Colombia) kidnappings in the early 2000s. We propose that AH News nourished the...