Media competition and information disclosure

Acknowledgments This paper is based on Chap. 2 of my Ph.D. thesis completed at Universidad de Alicante under the helpful supervision of Javier M. López-Cuñat.A previous version of this paper circulated with the title “Asymmetric information and Election campaigns: the monitoring role of media” (IVIE WP-AD 2004-32). I thank EnriquetaAragonés, TimothyBesley,MatthiasDahm,DanielDiermeier,RamónFaulí, Timothy Feddersen, Bard Harstad, Sanjeev Goyal, Miguel A. Meléndez-Jiménez, Ignacio Ortuño-Ortín, Christian Schultz, David Strömberg, the associate editor and seminar audiences at MEDSNorthwestern University, University of Munich, Universidad de Murcia, Universidad Autónoma de Madrid, Universidad de Alicante, SAE Sevilla, ASSET Ankara, EEA Stockholm and SMYE Leuven for valuable comments and suggestions. The hospitality of Queen Mary, University of London, and Kellogg School of Management, Northwestern University, were part of this research was carried out, is gratefully acknowledged.