Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/141274
Authors: 
Turner, John D.
Ye, Qing
Walker, Clive B.
Year of Publication: 
2016
Series/Report no.: 
QUCEH Working Paper Series 2016-02
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.
Subjects: 
media
financial press
historical stock markets
advertising
JEL: 
G12
N23
Document Type: 
Working Paper

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