The Crisis of 1873: Perspectives from Multiple Asset Classes.
This article analyzes asset pricing behavior during the period leading up to the Crisis of 1873. Evidence is presented that equities, options, and bonds priced risks consistently, suggesting that investors were actively monitoring the risk of investing and were not caught up in an irrational, specul...
| Publicado en: | Journal of Economic History Vol. 68; no. 3; pp. 722 - 758 |
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| Formato: | Artículo |
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Cambridge University Press
September 2008
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511408061&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511408061 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00220507 JEH jtl: Journal of Economic History issn: 00220507 maglogo: N pubinfo: dt: September 2008 vid: 68 iid: 3 pid: 15979 pub: Cambridge University Press artinfo: ui: 511408061 10.1017/S0022050708000624 ppf: 722 ppct: 36 formats: tig: atl: The Crisis of 1873: Perspectives from Multiple Asset Classes. aug: au: Mixon, Scott su: Railroads History of railroads Stock prices History Financial crises United States sug: subj: United States Railroads History of railroads Stock prices History Financial crises ab: This article analyzes asset pricing behavior during the period leading up to the Crisis of 1873. Evidence is presented that equities, options, and bonds priced risks consistently, suggesting that investors were actively monitoring the risk of investing and were not caught up in an irrational, speculative mania. Implied probability density functions for stock returns suggest that option markets exhibited growing concern about substantial price declines prior to the crash. Concerns were concentrated on riskier, more leveraged firms. Deteriorating balance sheet fundamentals for the riskiest U.S. railroads set the stage for a market disruption in 1873 as information asymmetries worsened. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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