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Media coverage and stock returns on the London Stock Exchange, 1825-70

John Turner (), Qing Ye and Clive Walker

No 2016-02, QUCEH Working Paper Series from Queen's University Belfast, Queen's University Centre for Economic History

Abstract: News media plays an important role in modern financial markets. In this paper, we analyse 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 there was a media discount. Our main finding is that a media discount only 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 discount.

Keywords: media; financial press; historical stock markets; advertising (search for similar items in EconPapers)
JEL-codes: G12 N23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk and nep-his
Date: 2016
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Journal Article: Media Coverage and Stock Returns on the London Stock Exchange, 1825–70 (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:qucehw:201602

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