Media Coverage and Stock Returns on the London Stock Exchange, 1825–70
John D Turner,
Qing Ye and
Review of Finance, 2018, vol. 22, issue 4, 1605-1629
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.
Keywords: Media; Financial press; Historical stock markets; Advertising (search for similar items in EconPapers)
JEL-codes: G12 N23 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
Working Paper: Media coverage and stock returns on the London Stock Exchange, 1825-70 (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:oup:revfin:v:22:y:2018:i:4:p:1605-1629.
Ordering information: This journal article can be ordered from
Access Statistics for this article
Review of Finance is currently edited by Josef ZechnerEditor-Name: Marco Pagano
More articles in Review of Finance from European Finance Association Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().