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The Price of Media Capture and the Debasement of the French Newspaper Industry During the Interwar

Author

Listed:
  • Bignon, Vincent
  • Flandreau, Marc

Abstract

Measurement of the value of “media capture” (the control of newspapers by business or political interests) is difficult. However, if capture is valuable, it should affect the price of newspaper shares. Useful information about the value of media capture should be retrievable from Stock Exchange data. Interwar France provides a unique setting to implement this idea because key newspapers floated voting and nonvoting stocks. Combined with takeover prices, data yield estimates of the price of media capture and of the time-series evolution of this price. Comparison with Britain sheds new light on a dark episode of French history.

Suggested Citation

  • Bignon, Vincent & Flandreau, Marc, 2014. "The Price of Media Capture and the Debasement of the French Newspaper Industry During the Interwar," The Journal of Economic History, Cambridge University Press, vol. 74(3), pages 799-830, September.
    • Handle: RePEc:cup:jechis:v:74:y:2014:i:03:p:799-830_00
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    Cited by:

    1. repec:ehl:wpaper:59304 is not listed on IDEAS
    2. Pamfili Antipa, 2014. "How Fiscal Policy Affects the Price Level: Britain s First Experience with Paper Money," Working papers 525, Banque de France.
    3. Julia Cage, 2019. "Media competition, information provision and political participation:Evidence from French local newspapers and elections, 1944–2014," SciencePo Working papers hal-03567022, HAL.
    4. Cagé, Julia, 2020. "Media competition, information provision and political participation: Evidence from French local newspapers and elections, 1944–2014," Journal of Public Economics, Elsevier, vol. 185(C).
    5. Sendhil Mullainathan & Andrei Shleifer, 2005. "The Market for News," American Economic Review, American Economic Association, vol. 95(4), pages 1031-1053, September.

    More about this item

    JEL classification:

    • 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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