The Price of Media Capture and the Debasement of the French Newspaper Industry During the Interwar

被引：4

作者：

Bignon, Vincent ^{[1
,2
,3
]}

Flandreau, Marc ^{[4
]}

机构：

[1] Bank France, F-75049 Paris 01, France

[2] Univ Paris 10, EconomiX, Banque France, F-75049 Paris 01, France

[3] DEMFI, DGEI, F-75049 Paris 01, France

[4] Grad Inst Int & Dev Studies, Dept Int Hist, CH-1211 Geneva 21, Switzerland

来源：

JOURNAL OF ECONOMIC HISTORY | 2014年 / 74卷 / 03期

关键词：

VOTING RIGHT; MARKET; PRESS; BIAS;

D O I：

10.1017/S0022050714000606

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Measurement of the value of "media capture" (the control of newspapers by business or political interests) is difficult. However, if capture is valuable, it should affect the price of newspaper shares. Useful information about the value of media capture should be retrievable from Stock Exchange data. Interwar France provides a unique setting to implement this idea because key newspapers floated voting and nonvoting stocks. Combined with takeover prices, data yield estimates of the price of media capture and of the time-series evolution of this price. Comparison with Britain sheds new light on a dark episode of French history.

引用

页码：799 / 830

页数：32

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