The Price of Media Capture and the Debasement of the French Newspaper Industry During the Interwar
利用两次世界大战期间法国报纸发行投票权和非投票权股票的数据，从股市价格中估算媒体俘获的价值，并与英国对比，揭示法国报业的一段黑暗历史。
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.