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

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 article, we analyze 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 me...

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Veröffentlicht in:Review of Finance 2018-07, Vol.22 (4), p.1605-1629
Hauptverfasser: Turner, John D, Ye, Qing, Walker, Clive B
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Media coverage
News media
Stock exchanges
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container_title Review of Finance
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creator Turner, John D
Ye, Qing
Walker, Clive B
description Abstract News media plays an important role in modern financial markets. In this article, we analyze 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.
doi_str_mv 10.1093/rof/rfx016
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source EBSCOhost Business Source Complete; Oxford University Press Journals All Titles (1996-Current)
subjects Media coverage
News media
Stock exchanges
title Media Coverage and Stock Returns on the London Stock Exchange, 1825–70
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