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News media plays an important role in modern financial markets. In this paper, we analyse the role played by the news media in an historical financial market. Using The Times's coverage of companies listed on the London stock market between 1825 and 1870, we examine the determinants of media...
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investment-based model to understand the impact of advertising expenditures on stock returns and firm value. In addition, by … interpreting advertising expenditures as an investment in brand capital, the approach in this paper provides a novel way to measure … advertising expenditures which standard asset pricing models cannot. The estimation results also show that brand equity accounts …
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