The Price of Media Capture and the Looting of Newspapers in Interwar France
AbstractThis paper develops a new insight enabling the empirical study of media capture: minority shareholders of newspapers and readers face similar risks. Both are adversely affected when corrupt insiders use the newspaper for personal profit and receive invisible revenues. This means that relevant data on influence and exploitation of newspaper has been hiding in plain sight in stock exchange or over-the-counter prices, since stock transactions reflect the value of this capture. Empirical data is consistent with increasing levels of looting in France during the 1930s. We provide a comparison with Britain and argue that Britain managed to protect its newspapers better.
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Bibliographic InfoPaper provided by Economics Section, The Graduate Institute of International Studies in its series IHEID Working Papers with number 09-2012.
Length: 41 pages
Date of creation: 30 May 2012
Date of revision:
Media; governance; minority shareholders; control premium; corruption; Interwar; France;
Other versions of this item:
- Bignon, Vincent & Flandreau, Marc, 2012. "The Price of Media Capture and the Looting of Newspapers in Interwar France," CEPR Discussion Papers 9014, C.E.P.R. Discussion Papers.
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- N74 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: 1913-
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- Vincent Bignon & Antonio Miscio, 2009.
"Media Bias in Financial Newspapers: Evidence from Early 20th Century France,"
EconomiX Working Papers
2009-4, University of Paris West - Nanterre la Défense, EconomiX.
- Bignon, Vincent & Miscio, Antonio, 2010. "Media bias in financial newspapers: evidence from early twentieth-century France," European Review of Economic History, Cambridge University Press, vol. 14(03), pages 383-432, December.
- Bovitz, Gregory L & Druckman, James N & Lupia, Arthur, 2002. " When Can a News Organization Lead Public Opinion? Ideology versus Market Forces in Decisions to Make News," Public Choice, Springer, vol. 113(1-2), pages 127-55, October.
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