Comparing coverage of the same corporate financial news by the conservative and the liberal , we find strong evidence of political polarization in their reporting on both the intensive and extensive margins of coverage. We show that this politics-induced disagreement in corporate financial news leads to an increase in abnormal trading volume for the most politically extreme firms. Our results highlight a new source of investor disagreement, arising out of polarized reporting of corporate financial news, that generates trade among investors.

中文翻译：

---

财经新闻中的政治两极分化

比较保守派和自由派对同一企业财务新闻的报道，我们发现他们的报道在密集和广泛的报道中存在政治两极分化的有力证据。我们表明，这种政治引发的企业财务新闻分歧导致政治极端的公司异常交易量增加。我们的研究结果凸显了投资者分歧的一个新来源，这种分歧源于企业财务新闻的两极分化报道，从而产生了投资者之间的交易。