Media bias in financial newspapers: evidence from early twentieth-century France
研究一战前法国金融报纸因企业付费报道而产生的系统性偏见，发现受媒体吹捧的企业表现良好，偏见也源于报纸的编辑政策。
The financial market was well developed in France in the years before World War I, and there were many newspapers that provided information to investors. Yet commentators at the time faulted the financial press for inaccuracy and biases, which they linked to the existence of payments made by companies for coverage in the editorial section. This article tests whether the payment scheme induced a systematic bias in the coverage of companies listed on the Paris stock exchanges by newspapers. The results show that, although firms' media coverage was affected, the performance of firms actually touted by the press was good. Thus, the media bias can also be explained by newspapers choosing the companies' exposures according to their editorial policy.