Management Seminars: Pepper Culpepper (Blavatnik School of Government, University of Oxford)
Pepper Culpepper (Blavatnik School of Government, University of Oxford)
1.01 Howard House
Title: Media, the Public and Financial Regulation
How can public opinion ever counter the power of financial institutions in the area of financial regulation? Using the case of the Dodd-Frank financial reform in the United States, this paper presents the results of a media framing experiment from an online survey of respondents in the United States and the United Kingdom. Respondents were exposed to one of several stylized news stories about the investment firm Goldman Sachs and its chief executive, Lloyd Blankfein. The results show that experimental media coverage in the American context has demonstrable effects on the public's view of banks and bankers, financial regulation economic policy, and Republicans. Exposed to an episodic frame that reminds readers of a salient scandal in the US, the American public can be triggered to become less favorable toward laissez faire policy positions and more favorable to separating retail from investment banks. Respondents in the United Kingdom, however, do not show the same responses to stories about the American investment bank.