全球智库信息集成服务系统(G2TT): DP14826 J'Accuse! Antisemitism and Financial Markets in the time of the Dreyfus Affair

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14826
	DP14826 J'Accuse! Antisemitism and Financial Markets in the time of the Dreyfus Affair
	Quoc-Anh Do; roberto galbiati; Benjamin Marx; Miguel Angel Ortiz Serrano
发表日期	2020-05-29
出版年	2020
语种	英语
摘要	This paper studies discrimination in financial markets in the context of the "Dreyfus Affair" in 19th century France. We analyze the market performance of firms with Jewish board members during this historical episode. Building on empirical evidence and a model with antisemitic and unbiased agents, we show how investors betting on firms with Jewish connections earned higher returns during the media campaign organized to rehabilitate Dreyfus, the unfairly accused Jewish officer at the center of the Affair. Our paper provides novel evidence that discrimination can affect stock prices and create rents for some market participants. While these rents may attract betting against discriminators, the uncertainty surrounding discriminatory beliefs can limit the extent of arbitrage and allow discrimination to survive in the long run.
主题	Economic History ; Labour Economics ; Public Economics
关键词	Antisemitism Financial markets Discrimination
URL	https://cepr.org/publications/dp14826-1
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543760
推荐引用方式 GB/T 7714	Quoc-Anh Do,roberto galbiati,Benjamin Marx,et al. DP14826 J'Accuse! Antisemitism and Financial Markets in the time of the Dreyfus Affair. 2020.