The role of the media in a bubble
Gareth Campbell (),
John Turner () and
Clive Walker
Explorations in Economic History, 2012, vol. 49, issue 4, 461-481
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.
Keywords: Media; Bubbles; Finance (search for similar items in EconPapers)
JEL-codes: G01 G12 G14 L82 N23 N73 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (11)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:exehis:v:49:y:2012:i:4:p:461-481
DOI: 10.1016/j.eeh.2012.07.002
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