J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair - Archive ouverte HAL Accéder directement au contenu
Pré-Publication, Document De Travail Année : 2020

J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair

Résumé

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.
Fichier principal
Vignette du fichier
2020-12-do-galbiati-marx-ortiz-serrano-j-accuse-antisemitism-and-financial-markets-in-the-time-of-the-dreyfus-affair.pdf (2.41 Mo) Télécharger le fichier
Origine : Fichiers éditeurs autorisés sur une archive ouverte

Dates et versions

hal-03389173 , version 1 (05-10-2020)
hal-03389173 , version 2 (20-10-2021)

Licence

Paternité - Pas de modifications

Identifiants

Citer

Quoc-Anh Do, Roberto Galbiati, Benjamin Marx, Miguel Ortiz Serrano. J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair. 2020. ⟨hal-03389173v2⟩
236 Consultations
525 Téléchargements

Partager

Gmail Facebook X LinkedIn More