To examine information display, Hartzmark and Solomon dug through thousands of Wall Street Journal issues, examining how the performance of stocks on the New York Stock Exchange was presented from 1890 through 2016.
“Prior to 1928, prices were reported, but there was no information about dividends,” write Hartzmark and Solomon. “After 1928 dividend information began to be reported, but separately from price information.” The Wall Street Journal, along with other outlets such as Yahoo! Finance, rarely report a combined textbook-performance-return measure for individual stocks, the research finds. Consequently, investors’ perception of a return is distorted.