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Media Bias in Financial Newspapers: Evidence from Early 20th Century France

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  • Vincent Bignon
  • Antonio Miscio

Abstract

The financial market was very developed in France in the years before World War I and subsequently many newspapers provided information to investors. Yet, contemporaries blamed the inaccuracy and biases of the financial press. This study implements a quantitative test to assess this judgment. The results show that although the firms’ media coverage were impacted by the fact that firms paid to appear in newspapers, the performance of the firms selected by the media was pretty good. A better explanation of the bias is then that newspapers choose firms according to their editorial policy and that they were able to make firms paid for that.

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File URL: http://economix.fr/pdf/dt/2009/WP_EcoX_2009-04.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2009-4.

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Length: 44 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:drm:wpaper:2009-4

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Keywords: Media coverage; financial newspapers; media bias; information on the financial market;

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Cited by:
  1. Campbell, Gareth & Turner, John D. & Walker, Clive B., 2012. "The role of the media in a bubble," Explorations in Economic History, Elsevier, vol. 49(4), pages 461-481.
  2. Bignon, Vincent & Flandreau, Marc, 2011. "The Economics of Badmouthing: Libel Law and the Underworld of the Financial Press in France Before World War I," The Journal of Economic History, Cambridge University Press, vol. 71(03), pages 616-653, September.
  3. Vincent Bignon, Marc Flandreau, 2012. "The Price of Media Capture and the Looting of Newspapers in Interwar France," IHEID Working Papers 09-2012, Economics Section, The Graduate Institute of International Studies.
  4. Balmer, Roberto, 2013. "Entry and Competition in Local Newspaper Retail Markets - When two are enough," MPRA Paper 54079, University Library of Munich, Germany.

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