SENSATIONALISM, NEWSPAPER PROFITS AND THE MARGINAL VALUE OF WATERGATE

Fred S. McChesney

13 citations0/0 files storedEconomic Inquiry

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Journalism and Media Studies Financial Markets and Investment Strategies Media Influence and Politics

Abstract

Newspaper publishers supposedly profit some sensational events. Focusing on the two different products sold by publishers, newspapers and advertising space, this paper shows why sensational events do not necessarily increase publishers' wealth. It also uses financial market analysis to examine the wealth effects of one sensational event, Watergate, on a portfolio of newspaper stocks and on the Washington Post in particular. No significant effects are found.

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1980Measuring security price performance 1969INFORMATION COSTS, PRICING, AND RESOURCE UNEMPLOYMENT 1942The Economic Effects of Advertising.1970Estimating Cost Function Parameters Without Using Cost Data: Illustrated Methodology 1979The Newspaper: An International History 1952The Maximisation of Profit by a Newspaper 1963The Economics of Newspapers 1978The economics of the American newspaper

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