The role of the media in a bubble
The role of the media in a bubble
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DOI：
10.1016/j.eeh.2012.07.002
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发表时间：
2012-10-01
影响因子：
2.3
通讯作者：
Walker, Clive B.
中科院分区：
文献类型：
--
作者：
Campbell, Gareth;Turner, John D.;Walker, Clive B.
我们研究了新闻媒体在英国铁路狂热时期的作用，英国铁路狂热可以说是历史上最大的金融泡沫之一。我们的分析表明，媒体对股票市场的变化做出了反应，其对近期事件的报道可能影响了资产价格。然而，我们没有发现任何证据表明媒体的情绪，或者它对特定股票的关注，对加剧或结束这场狂热有任何影响。媒体的主要贡献是提供事实信息，投资者可以利用这些信息来为自己的决策提供依据。（C）2012爱思唯尔公司。保留所有权利。
We examine the role of the news media during the British Railway Mania, arguably one of the largest financial bubbles in history. Our analysis suggests that the press responded to changes in the stock market, and its reporting of recent events may have influenced asset prices. However, we find no evidence that the sentiment of the media, or the attention which it gave to particular stocks, had any influence on exacerbating or ending the Mania. The main contribution of the media was to provide factual information which investors could use to inform their decisions. (C) 2012 Elsevier Inc. All rights reserved.