The geography of corporate fake news
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View abstract on PubMed
Summary
This summary is machine-generated.Foreign actors spread more corporate fake news, originating from Africa and the Middle East. This misinformation targets firms in uncertain or strategic sectors, impacting capital markets.
Area Of Science
- Financial Economics
- Political Science
- Information Science
Background
- Limited research exists on foreign intervention in capital markets via fake news.
- Existing literature primarily focuses on political manipulation by foreign actors.
Purpose Of The Study
- To investigate foreign intervention in capital markets through the dissemination of corporate fake news.
- To identify the origins and characteristics of foreign-originating fake news targeting U.S. firms.
Main Methods
- Constructed a database of negative fake news about U.S. firms from fact-checking websites.
- Identified Twitter (now X) accounts spreading fake news and used machine learning to infer their geographic locations.
- Analyzed the country-level and firm-level patterns of corporate fake news dissemination.
Main Results
- Corporate fake news is more likely to be spread by foreign accounts compared to non-fake news.
- Fake news frequently originates from African and Middle Eastern countries, increasing during geopolitical tension.
- Firms in uncertain information environments and strategic industries are more susceptible to foreign-targeted fake news.
Conclusions
- Provided initial evidence of foreign-originating misinformation in capital markets.
- Highlighted the need for policy interventions to address foreign interference in financial markets.
- Underscored the role of geopolitical factors and firm characteristics in susceptibility to misinformation.
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