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The Economics of Badmouthing: Libel Law and the Underworld of the Financial Press in France before World War I

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Abstract

This article analyzes the economics of “badmouthing” in the context of the pre-1914 French capital market. We argue that badmouthing was a means through which racketeering journals sought to secure property rights over issuers’ reputation. We provide a theoretical study of the market setup that emerged to deal with such problems, and we test our predictions using new evidence from contemporary sources.

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File URL: http://repec.graduateinstitute.ch/pdfs/Working_papers/HEIDWP15-2010.pdf
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Bibliographic Info

Paper provided by Economics Section, The Graduate Institute of International Studies in its series IHEID Working Papers with number 15-2010.

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Length: 39 pages
Date of creation: Aug 2010
Date of revision:
Handle: RePEc:gii:giihei:heidwp15-2010

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Keywords: badmouthing; capital market; reputation.;

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  1. Martin C. McGuire & Mancur Olson Jr., 1996. "The Economics of Autocracy and Majority Rule: The Invisible Hand and the Use of Force," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 72-96, March.
  2. Marc Flandreau & Juan H. Flores & Norbert Gaillard & Sebastián Nieto-Parra, 2010. "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007," NBER Chapters, in: NBER International Seminar on Macroeconomics 2009, pages 53-92 National Bureau of Economic Research, Inc.
  3. Alexander Dyck & Natalya Volchkova & Luigi Zingales, 2006. "The Corporate Governance Role of the Media: Evidence from Russia," NBER Working Papers 12525, National Bureau of Economic Research, Inc.
  4. Raghuram G. Rajan & Luigi Zingales, 2000. "The Great Reversals: The Politics of Financial Development in the 20th Century," OECD Economics Department Working Papers 265, OECD Publishing.
  5. Matthew Gentzkow & Jesse Shapiro, 2005. "Media Bias and Reputation," NBER Working Papers 11664, National Bureau of Economic Research, Inc.
  6. Timothy Besley & Andrea Prat, 2005. "Handcuffs for the Grabbing Hand? Media Capture and Government Accountability," STICERD - Political Economy and Public Policy Paper Series 07, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  7. 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.
  8. Matthew Gentzkow & Edward L. Glaeser & Claudia Goldin, 2006. "The Rise of the Fourth Estate. How Newspapers Became Informative and Why It Mattered," NBER Chapters, in: Corruption and Reform: Lessons from America's Economic History, pages 187-230 National Bureau of Economic Research, Inc.
  9. McMillan, John & Zoido, Pablo, 2004. "How to Subvert Democracy: Montesinos in Peru," Research Papers 1851r, Stanford University, Graduate School of Business.
  10. Albano, Gian Luigi & Lizzeri, Alessandro, 2001. "Strategic Certification and Provision of Quality," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(1), pages 267-83, February.
  11. Nuno Garoupa, 1999. "Dishonesty and Libel Law: The Economics of the "Chilling" Effect," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(2), pages 284-, June.
  12. Maria Petrova, 2009. "Newspapers and Parties: How Advertising Revenues Created an Independent Press," Working Papers w0131, Center for Economic and Financial Research (CEFIR).
  13. Michaely, Roni & Shaw, Wayne H, 1994. "The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories," Review of Financial Studies, Society for Financial Studies, vol. 7(2), pages 279-319.
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Cited by:
  1. 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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