The Guardian:

In one exam­ple, the report looks at the clo­sure in 2009 of Denver’s Rocky Moun­tain News. The paper had pro­vid­ed exten­sive cov­er­age of local gov­ern­ment issues, includ­ing an audit of ques­tion­able fed­er­al funds allo­cat­ed to the sheriff’s depart­ment, and a series of oth­er hand­shake deals.

Gao’s team looked at how tax dol­lars were being spent while the paper was being pub­lished and then again after the paper had closed. The researchers con­clud­ed that Rocky Moun­tain News sto­ries had served as a watch­dog agent. With­out it, the spread or yield of new­ly issued local munic­i­pal bonds increased by 37 basis points.