Review of Finance, Volume 22, Issue 3, May 2018

媒体报道和伦敦股票交易所（1825-1870）的股票回报率

作者：John D Turner (Queen’s University Belfast, UK),

Qing Ye (Xi’an Jiaotong University, China),

Clive B Walker (Queen’s University Belfast, UK)

摘要：新闻媒体在现代金融市场中扮演着重要的角色。本文分析了新闻媒体在历史金融市场中的作用。利用《泰晤士报》对1825年至1870年间伦敦股市上市公司的报道，我们研究了这段时期媒体报道的决定因素以及媒体报道是否影响了回报。我们的主要发现是，媒体效应主要表现在19世纪40年代中期之后，并且这种媒体效应出现的主要原因是市场所有权的出现以及市场参与度的显著提升。

Media Coverage and Stock Returns on the London Stock Exchange, 1825–70

John D Turner (Queen’s University Belfast, UK), Qing Ye (Xi’an Jiaotong University, China), Clive B Walker (Queen’s University Belfast, UK)

ABSTRACT

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.

原文链接：https://academic.oup.com/rof/article-abstract/22/4/1605/3737551?redirectedFrom=fulltext

翻译：阙江静