Media Coverage and Stock Returns on the London Stock Exchange, 1825–70

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    Media Coverage and Stock Returns on the London Stock Exchange, 1825–70. / Walker, Clive B.; Ye, Qing; Turner, John D.

    In: Review of Finance, 16.04.2017.

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    @article{c7f019d9a0c04375873a7db47752f094,
    title = "Media Coverage and Stock Returns on the London Stock Exchange, 1825–70",
    abstract = "News media plays an important role in modern financial markets. In this paper, we analyse the role played by the news media in an historical financial market. Using The Times’s coverage of companies listed on the London stock market between 1825 and 1870, we examine the determinants of media coverage in this era and whether media coverage affected returns. Our main finding is that a media effect mainly manifests itself after the mid-1840s and that the introduction of arm’s-length ownership along with markedly increased market participation was the main reason for the emergence of this media effect.",
    keywords = "media, financial press, historical stock markets, advertising",
    author = "Walker, {Clive B.} and Qing Ye and Turner, {John D.}",
    year = "2017",
    month = "4",
    day = "16",
    doi = "10.1093/rof/rfx016",
    language = "English",
    journal = "Review of Finance",
    issn = "1572-3097",
    publisher = "Oxford University Press",

    }

    RIS

    TY - JOUR

    T1 - Media Coverage and Stock Returns on the London Stock Exchange, 1825–70

    AU - Walker, Clive B.

    AU - Ye, Qing

    AU - Turner, John D.

    PY - 2017/4/16

    Y1 - 2017/4/16

    N2 - News media plays an important role in modern financial markets. In this paper, we analyse the role played by the news media in an historical financial market. Using The Times’s coverage of companies listed on the London stock market between 1825 and 1870, we examine the determinants of media coverage in this era and whether media coverage affected returns. Our main finding is that a media effect mainly manifests itself after the mid-1840s and that the introduction of arm’s-length ownership along with markedly increased market participation was the main reason for the emergence of this media effect.

    AB - News media plays an important role in modern financial markets. In this paper, we analyse the role played by the news media in an historical financial market. Using The Times’s coverage of companies listed on the London stock market between 1825 and 1870, we examine the determinants of media coverage in this era and whether media coverage affected returns. Our main finding is that a media effect mainly manifests itself after the mid-1840s and that the introduction of arm’s-length ownership along with markedly increased market participation was the main reason for the emergence of this media effect.

    KW - media

    KW - financial press

    KW - historical stock markets

    KW - advertising

    U2 - 10.1093/rof/rfx016

    DO - 10.1093/rof/rfx016

    M3 - Article

    JO - Review of Finance

    T2 - Review of Finance

    JF - Review of Finance

    SN - 1572-3097

    ER -

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