Marcos Manuel Salgado graduated in 2013 with a degree in political science from the University of San Andres, in Argentina. In 2015 he obtained an MA in economics from the same university. Currently, he is a third year PhD student in political economy at the Stanford Graduate School of Business. His research focuses on historical political economy. His work with professors Saumitra Jha and Peter Koudijs studies the interaction of information flows and financial markets in times of war. He is also researching the role of communication technology on the state’s ability to repress popular uprisings. Both studies are set in nineteenth century France.
The Siege of Paris in 1870 is a unique setting to study financial markets and information flows in times of war. The only way to send messages out of Paris was by balloon, and the only way to receive messages from the rest of France was by pigeon. Both flows of information are observable to the researcher. During this period, Parisians were hungry for news about the course of the war, and the provinces needed information about the political situation in Paris. We intend to use this historical event to study how (real or fake) news affected stock market prices.
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