J'Accuse! Antisemitism and financial markets in the time of the Dreyfus Affair

• 成果类型: Article
• 署名作者: Do, Quoc-Anh; Galbiati, Roberto; Marx, Benjamin; Serrano, Miguel A. Ortiz
• 署名单位: Monash University; Centre National de la Recherche Scientifique (CNRS); Boston University; CUNEF Universidad
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2024.103809
• 发表日期: 2024
• 关键词: Antisemitism; financial markets; DISCRIMINATION

摘要

We study the stock market performance of firms with Jewish board members during the Dreyfus Affair in 19th century France. In a context of widespread latent antisemitism, initial accusations made against the Jewish officer Alfred Dreyfus led to short-lived abnormal negative returns for Jewish-connected firms. However, investors betting on these firms earned higher returns during the period corresponding to Dreyfus' rehabilitation, starting with the publication of the famous op-ed J'Accuse! in 1898. Our conceptual framework illustrates how diminishing antisemitic biases among investors might plausibly explain these effects. Our paper provides novel insights on how antisemitism can increase and decrease over short periods of time at the highest socio-economic levels in response to certain events, which in turn can affect firm value in financial markets.