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Market Effects Of Local Media Employment Reductions On The Idiosyncratic Risk Of Nearby Firms; Returns, Valuation, And Debt; And Firm Meet-Beat Behavior And Ceo Turnover And Compensation, C. Kyle Jones
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This research examines the effects of reductions in local and regional media employment on firms' information environment. A reduction in the number of local media employees available to provide coverage of firms is associated with persistent levels of increased idiosyncratic risk. The source of that firm-level risk appears to be increased estimation risk among investors, rather than decreased awareness about the investment opportunities or real effects on firms' product market competition. I also demonstrate that overall levels of local media coverage are associated with differences in returns similar to those associated with coverage in national outlets. While a reduction in …