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domenica 15 maggio 2016

Zingales: I giornali sono in mano alle banche? Le prove del caso italiano

Zingales ripreso da Zero Hedge nel pezzo innaugurale di questo blog:

ProMarket - Are Newspapers Captured by Banks? Evidence from Italy
Posted on May 12, 2016 by Luigi Zingales
(...) For example, Il Messaggero and Il Mattino are owned by Caltagirone, an industrialist who also owns a large stake in Unicredit, one of the two largest banks in Italy. 
Editoriale Espresso [La Repubblica, Er] is controlled by the De Benedetti family, who during this period had to negotiate with the banks regarding another company they own (Sorgenia). 
The only newspaper that is not highly leveraged or highly dependent on banks for other reasons is Il Fatto Quotidiano

"Il solo giornale che non e' ad alta leva o altamente dipendente dalle banche per altre ragioni e' Il Fatto" dice Zingales e prosegue nell'analisi di come sono stato per esempio presentato, "venduto", il piano Atlante.

(...) I collected all the news that appeared in the top 10 Italian newspapers during the first 9 days for both events, having a research assistant classify the articles on the basis of their content. An article is considered positive (+1) if it contains explicit positive judgments about the decision. For example, on 4/11/16 Il Messaggero printed an article stating that the Atlante fund was “an amazing result.” “To the many voices in favor of “Atlante”, from Draghi to the IMF, from the G-20 to Minister Schaeuble, the authoritative Jean-Claude Trichet adds his,” writes La Repubblica on 4/20/16.

An article is considered neutral if it simply describes the fund, as for example Conti’s article in Il Giornale on 4/13/16. An article is considered critical if it raises doubts on whether the fund could actually work for the stated purpose. For example, an article on 4/12/16 in Il Fatto Quotidiano titled “Too many NPLs but too little money: the weight that crushes Atlante.” To establish what the “unbiased” view should be, I also collect the opinions published in the six top foreign newspapers.

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