2025年第88期(总第1129期)

演讲主题：Beneath the Fold: The Effect of Local Newspaper Closure on Firm Tax Avoidance

主讲人：陈仲伦 敦国王公司金融学副教授

主持人：颜诚 计算金融系教授

活动时间：2025年11月26日（周三）15:00-16:00

活动地址: 管院大楼107教室

主讲人简介：

陈仲,伦敦国王公司会计与金融学副教授,他的研究位于金融科技与公司金融的交叉领域，尤其关注机器学习在金融中的应用、区块链、并购，以及可持续金融等方向。其研究成果发表在《Management Science》、《Journal of Financial and Quantitative Analysis》和《Contemporary Accounting Research》等，并曾获得美国南方金融学会年会和英国会计与金融学会年会的最佳论文奖。

活动简介：

We investigate the media effect of news media on firms’tax behavior. Exploiting the ongoing changes in the newspaper industry, we find that, on average, firms reduce tax avoidance after local newspaper closures. We posit that firms engage less in aggressive tax planning in response to shareholders’heightened agency concerns in the lack of active local journalism. Supporting this view, further empirical analysis shows that the post-closure decrease in tax avoidance is more pronounced for firms with greater agency concerns; the positive valuation effects of tax avoidance are significantly discounted after newspaper closures. In contrast, for firms with greater reputational concerns, we find no significant decrease in tax avoidance, highlighting that the effect of local newspaper closures on corporate tax avoidance is more nuanced than posited. Our study provides novel empirical evidence on the informational role played by local newspapers in shaping local firms’tax strategy.