Media Sentiment on Foreign Countries and International Asset Allocation

The authors are grateful for the constructive and helpful comments from Vikas Agarwal, Liang Chen, Darwin Choi, Tony Cookson, Zhi Da, Richard Evans, Todd Gormley, Xindi He (discussant), Byoung-Hyoun Hwang, Fangyuan Ma, John McConnell, Kevin Mullally, Yuehua Tang, Luke Taylor, Steven Chong Xiao, Hong Zhang, and Xiaoyan Zhang as well as seminar and conference participants at the 2024 China International Conference in Finance, Peking University Guanghua School of Management, Shenzhen University, Sichuan University, Southern University of Science and Technology, and Tsinghua University PBC School of Finance. They also thank Liling Huang, Zelin Lyu, Glades McKenzie, Yiqi Wang, Yizou Wu, and Xingyi Zhan for their excellent research assistance. Both authors contributed equally to this work.