{"id":4799,"date":"2025-04-09T11:57:59","date_gmt":"2025-04-09T02:57:59","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=4799"},"modified":"2025-04-28T15:05:23","modified_gmt":"2025-04-28T06:05:23","slug":"2025%e5%b9%b44%e6%9c%8830%e6%97%a5%e6%b0%b4-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar%ef%bc%9athe-echoes-of-muted-political","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/4799","title":{"rendered":"2025\u5e744\u670830\u65e5(\u6c34) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar\uff1aThe Echoes of Muted Political Speech in Financial Speech\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cThe Echoes of Muted Political Speech in Financial Speech\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2025\u5e744\u670830\u65e5\uff08\u6c34\uff0913:10\uff5e14:50<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u2460\u5bfe\u9762 \uff0a11\u53f7\u99287\u968e709\u6559\u5ba4\u306b\u304a\u8d8a\u3057\u304f\u3060\u3055\u3044\u3002
\n\u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528URL\u3092\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nUtpal Bhattacharya \u6c0f
\n\uff08Chair Professor, Department of Finance, Hong Kong University of Science and Technology\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nOur paper examines how Hong Kong\u2019s 2020 National Security Law (NSL) impacted financial analysts\u2019 reporting. Our results show that local analysts, particularly those covering Chinese central state-owned enterprises, self-censored their reports after the NSL\u2019s enactment. This self-censorship manifested in overly optimistic earnings forecasts, vaguer language, and delayed responses to earnings announcements after a bad performance year for the firm. We further show that the market\u2019s reaction to local analyst reports was negative after their Buy signals on central SOEs, suggesting a decline in the credibility of their assessments. Our study provides novel and compelling evidence that political censorship can have far-reaching consequences, impacting even seemingly unrelated domains like financial analysis. Our findings raise concerns about the reliability and objectivity of financial information emanating from environments with constrained political speech. The observed market discounting of biased information highlights the potential for informational inefficiencies and distortions in capital allocation decisions. The evidence of self-censorship among local analysts in Hong Kong following the implementation of the NSL highlights the importance of protecting freedom of expression, not only for human rights but also for the integrity and efficacy of financial markets.<\/td>\n<\/tr>\n
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 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cThe Echoes of Muted Political Speech in Financial Speech\u300d \u65e5\u6642 2025\u5e744\u670830\u65e5\uff08\u6c34\uff0913:10\uff5e14:50 \u958b\u50ac\u65b9\u6cd5 \u2460\u5bfe\u9762 \uff0a11\u53f7\u99287\u968e709\u6559\u5ba4\u306b\u304a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-4799","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/4799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=4799"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/4799\/revisions"}],"predecessor-version":[{"id":4840,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/4799\/revisions\/4840"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=4799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=4799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=4799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}