J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair

Quoc-Anh Do, Roberto Galbiati, Benjamin Marx and Miguel Ortiz Serrano
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Miguel Ortiz Serrano: UC3M - Universidad Carlos III de Madrid [Madrid], University of Sussex

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Abstract: This paper studies discrimination in financial markets in the context of the "Dreyfus Affair" in 19th century France. We analyze the market performance of firms with Jewish board members during this historical episode. Building on empirical evidence and a model with antisemitic and unbiased agents, we show how investors betting on firms with Jewish connections earned higher returns during the media campaign organized to rehabilitate Dreyfus, the unfairly accused Jewish officer at the center of the Affair. Our paper provides novel evidence that discrimination can affect stock prices and create rents for some market participants. While these rents may attract betting against discriminators, the uncertainty surrounding discriminatory beliefs can limit the extent of arbitrage and allow discrimination to survive in the long run.

Keywords: Antisemitism; Financial Markets; Discrimination (search for similar items in EconPapers)
Date: 2020-12-01
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03389173v2
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Related works:
Journal Article: J'Accuse! Antisemitism and financial markets in the time of the Dreyfus Affair (2024)
Working Paper: J’Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair (2023)
Working Paper: J’Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair (2023)
Working Paper: J'Accuse! Antisemitism and Financial Markets in the time of the Dreyfus Affair (2020)
Working Paper: J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair (2020)
Working Paper: J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair (2020)
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