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J'Accuse! Antisemitism and financial markets in the time of the Dreyfus Affair

Author

Listed:
  • Quoc-Anh Do

    (Monash university)

  • Roberto Galbiati

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

  • Benjamin Marx

    (BU - Boston University [Boston])

  • Miguel A Ortiz Serrano

    (Centro Universitario de Estudios Financieros (CUNEF) - Centro Universitario de Estudios Financieros (CUNEF))

Abstract

We study the stock market performance of firms with Jewish board members during the "Dreyfus Affair" in 19th century France. In a context of widespread latent antisemitism, initial accusations made against the Jewish officer Alfred Dreyfus led to short-lived abnormal negative returns for Jewish-connected firms. However, investors betting on these firms earned higher returns during the period corresponding to Dreyfus' rehabilitation, starting with the publication of the famous op-ed J'Accuse! in 1898. Our conceptual framework illustrates how diminishing antisemitic biases among investors might plausibly explain these effects. Our paper provides novel insights on how antisemitism can increase and decrease over short periods of time at the highest socio-economic levels in response to certain events, which in turn can affect firm value in financial markets.

Suggested Citation

  • Quoc-Anh Do & Roberto Galbiati & Benjamin Marx & Miguel A Ortiz Serrano, 2024. "J'Accuse! Antisemitism and financial markets in the time of the Dreyfus Affair," Sciences Po Economics Publications (main) halshs-04799081, HAL.
    • Handle: RePEc:hal:spmain:halshs-04799081
    DOI: 10.1016/j.jfineco.2024.103809
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04799081v1
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    Keywords

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    JEL classification:

    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • J71 - Labor and Demographic Economics - - Labor Discrimination - - - Hiring and Firing
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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