The role of the media in a bubble

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12 Citations (Scopus)
299 Downloads (Pure)

Abstract

We examine the role of the news media during the British Railway Mania, arguably one of the largest financial bubbles in history. Our analysis suggests that the press responded to changes in the stock market, and its reporting of recent events may have influenced asset prices. However, we find no evidence that the sentiment of the media, or the attention which it gave to particular stocks, had any influence on exacerbating or ending the Mania. The main contribution of the media was to provide factual information which investors could use to inform their decisions. © 2012 Elsevier Inc.
Original languageEnglish
Pages (from-to)461-481
Number of pages21
JournalExplorations in Economic History
Volume49
Issue number4
DOIs
Publication statusPublished - 01 Oct 2012

ASJC Scopus subject areas

  • Economics and Econometrics
  • History

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