Media Bias in Financial Newspapers: Evidence from Early 20th Century France

Vincent Bignon and Antonio Miscio

No 2009-4, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: The financial market was very developed in France in the years before World War I and subsequently many newspapers provided information to investors. Yet, contemporaries blamed the inaccuracy and biases of the financial press. This study implements a quantitative test to assess this judgment. The results show that although the firms’ media coverage were impacted by the fact that firms paid to appear in newspapers, the performance of the firms selected by the media was pretty good. A better explanation of the bias is then that newspapers choose firms according to their editorial policy and that they were able to make firms paid for that.

Keywords: Media coverage; financial newspapers; media bias; information on the financial market (search for similar items in EconPapers)
JEL-codes: G11 G12 L15 N13 O16 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2009
New Economics Papers: this item is included in nep-his
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Media bias in financial newspapers: evidence from early twentieth-century France (2010)
Working Paper: Media Bias in Financial Newspapers: Evidence from Early 20th Century France (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2009-4

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