管理者能否成功欺骗投资者？巴拿马丑闻期间的媒体关注和市场操纵

IF 1.2 1区历史学 Q3 ECONOMICS European Review of Economic History Pub Date : 2024-06-20 DOI:10.1093/ereh/heae009

Miguel Ángel Ortiz-Serrano, Germán Forero-Laverde

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引用次数: 0

摘要

本文探讨了巴拿马公司的股价是如何在 1888 年春季将公司经理在法国报纸上散布的虚假利好消息纳入即将发行的证券以诱骗投资者的。结果表明，有关巴拿马公司的新闻只对特定公司产生影响，在保持预期收益不变的情况下，使该公司的主要股票波动更大。这表明，投资者认为新债发行是一种风险操作。最后，我们发现未来新闻对当前股票回报率有非同期性的正向影响，这表明投资者在得知假新闻发布的情况下非法利用了不对称信息。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Can managers successfully deceive investors? Media attention and market manipulation during the Panama scandal

This paper explores how the Panama Company stock price incorporated fake positive news planted by company managers in French newspapers during the spring of 1888 to bait investors into an upcoming securities issue. The results show that news about the Panama Company only had firm-specific effects, making the firm’s main stock more volatile while keeping constant expected returns. This suggests that investors considered the new debt issue a risky operation. Finally, we find a non-contemporaneous positive effect of future news on present stock returns, suggesting an unlawful exploitation of asymmetric information by investors privy to the publication of fake news.

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来源期刊

European Review of Economic History Multiple-

CiteScore

2.60

自引率

7.10%

发文量

期刊介绍： European Review of Economic History has established itself as a major outlet for high-quality research in economic history, which is accessible to readers from a variety of different backgrounds. The Review publishes articles on a wide range of topics in European, comparative and world economic history. Contributions shed new light on existing debates, raise new or previously neglected topics and provide fresh perspectives from comparative research. The Review includes full-length articles, shorter articles, notes and comments, debates, survey articles, and review articles. It also publishes notes and announcements from the European Historical Economics Society.