Abstract
We test the independence of news content from journalists’ social networks. We find that business news reported by connected journalists—such as those sharing a working relationship or common schooling institutions with the respective company management—are associated with markedly more favorable coverage. Connected articles significantly increase short-term stock returns but also distort longer-term capital allocation, suggesting real effects of journalist connections in the economy. We make causal inferences about the connection effects by exploring exogenous journalist turnovers and an ownership change of the Wall Street Journal.
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