Exhibit 995 · Peer-reviewed study
Do Ads Influence Editors? Advertising and Bias in the Financial Media, Quarterly Journal of Economics 121(1):197-227
We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national newspapers.
Studies mutual fund recommendations in five publications, 1997-2002, controlling for fund characteristics, total family advertising and past mentions. Finds correlation between past advertising and recommendations in three personal finance publications and none in the two national newspapers (the New York Times and the Wall Street Journal); finds the cost to readers small.
- Source
- Reuter J, Zitzewitz E
- Date
- 2006 (read: August 2005 draft)
- Quoted from
- Abstract, Aug. 2005 draft
- Grade
- Peer-reviewed
- Document
- https://www.jonreuter.com/research/ads.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Quote checked against the author’s August 2005 draft, labeled forthcoming in QJE; check wording and page against the published article.