| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3523 |
| 来源ID | Working Paper 3523 |
| The Bubble of 1929: Evidence from Closed-End Funds | |
| J. Bradford De Long; Andrei Shleifer | |
| 发表日期 | 1990-11-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | Closed-end mutual funds provide one of the few cases in which economists can observe "fundamental" values directly, and compare them to market values: the fundamental value of a closed-end fund is simply the net asset value of its portfolio. We use the difference between prices and asset values of closed-end funds at the end of the 1920s as a measure of investment sentiment. In the late l920s closed-end funds sold at large premia: at the peak, they appear willing to pay 60 percent more for closed-end funds than the post-WWII norm. Such substantial overpricing of closed-end funds -- where fundamentals are known and observed -- suggests that other assets were selling at prices above fundamentals as well. The association between movements in the medium closed-end fund discount and movements in broad stock price indices leads us to conclude that the stocks making up the S & P composite were priced at least 30 percent above fundamentals in the summer of 1929. |
| 主题 | Macroeconomics ; Other |
| URL | https://www.nber.org/papers/w3523 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560812 |
| 推荐引用方式 GB/T 7714 | J. Bradford De Long,Andrei Shleifer. The Bubble of 1929: Evidence from Closed-End Funds. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3523.pdf（357KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
