The Role of the Media in a Bubble

51 Pages Posted: 6 Jan 2015

See all articles by Gareth Campbell

Gareth Campbell

Queen's University Belfast

John D. Turner

Queen's University Belfast

Clive Walker

Queen's University Belfast

Date Written: October 1, 2012

Abstract

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.

Suggested Citation

Campbell, Gareth and Turner, John D. and Walker, Clive, The Role of the Media in a Bubble (October 1, 2012). Explorations in Economic History, Vol. 49, No. 4, 2012. Available at SSRN: https://ssrn.com/abstract=2545202

Gareth Campbell (Contact Author)

Queen's University Belfast ( email )

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

John D. Turner

Queen's University Belfast ( email )

David Leir Building
Belfast BT7 1NN, BT9 5AG
Ireland

Clive Walker

Queen's University Belfast ( email )

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

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