| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15332 |
| 来源ID | Working Paper 15332 |
| New Evidence on the First Financial Bubble | |
| Rik G.P. Frehen; William N. Goetzmann; K. Geert Rouwenhorst | |
| 发表日期 | 2009-09-10 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The first global financial bubble in stock prices occurred 1720 in Paris, London and the Netherlands. Explanations for these linked bubbles primarily focus on the irrationality of investor speculation and the corresponding stock price behavior of two large firms: the South Sea Company in Great Britain and the Mississippi Company in France. In this paper we examine a broad cross‐section of security price data to evaluate the causes of the bubbles. Using newly collected stock prices for British and Dutch firms in 1720, we find evidence against indiscriminate irrational exuberance and evidence in favor of speculation about two factors: the Atlantic trade and the incorporation of insurance companies. We study the role of innovation in the insurance market by examining market betas and volatilities of new insurance company shares, like (Pastor & Veronesi, Technological Revolutions and Stock Prices, 2009). We find strong evidence for a revolution in the insurance business in 1720. Our findings are consistent with the hypothesis that financial bubbles require a plausible story to justify investor optimism. |
| 主题 | Financial Economics ; Financial Markets ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w15332 |
| 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/573007 |
| 推荐引用方式 GB/T 7714 | Rik G.P. Frehen,William N. Goetzmann,K. Geert Rouwenhorst. New Evidence on the First Financial Bubble. 2009. |
| 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 | ||
| w15332.pdf（732KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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