The narrative that emerged in the aftermath of the COVID-19 financial crisis has focused on nonbank financial inter-mediation as the primary vulnerability that plagued financial markets starting in March of 2020 and the exogenous nature of a public health crisis as a unique precipitating event....

By January 2021, the stock of GameStop (GME) was heavily shorted by institutional investors but an unprecedented retail campaign for pushing-up its stock price culminated in a short squeeze by the end of January 2021. Adapting recent innovations in text analysis in finance and on microblogging...

What happens on Wall Street matters for Main Street. We use establishment-level data on the employment composition of US public firms to show that the predictive power of aggregate stock returns for aggregate employment comes despite the industrial composition of publicly traded firms differing...

We document an increasingly important role of fiscal policy expectation in stock return responses to macro surprises. In a persistent low-interest-rate economy, when the Main Street suffers more than expected, investors may expect a more generous Federal Government support and drive up the...

Introduction -- The Bubble Act and the First Corporate Economy -- ‘Mr Morice is said to appear at the head’: The Bubble Act and an Aborted Joint-Stock Slave-Trading Company -- ‘That ever-memorable year of epidemical infatuation’: Incorporation, the Jamaica Mines Company, and the Bubble...

Bubbles have become ubiquitous. This ubiquity has stimulated research over the past three decades into bubbles in history. In this article, we provide a systematic overview of research into historical bubbles. Our analysis reveals that there is no coherent approach to the study of bubbles and...

We demonstrate that since the early 1990's, it is becoming increasingly common for firms to be run by CEOs who are aligned with the Democratic Party, which we refer to as the blue trend. We find evidence that at least one factor driving this trend appears to be the rise of the role of women, who...

ANDRÉ KOSTOLANY, 1906 in Ungarn geboren, war der unbestrittene Meister der Börsenspekulation. Er studierte Philosophie und Kunstgeschichte und wäre eigentlich lieber Pianist geworden. Seine Karriere als Spekulant begann in den Zwanzigerjahren an der Pariser Börse, später arbeitete er an...

This Article critically examines the transformation of the financial services industry during and since the Financial Crisis of 2007–2009. This transformation has been marked by the demise of the major investment banks and the related rise of a set of powerful players known as private equity...

The establishment and growth of the Greek stock market were coincident with development episodes, financial upheavals and geographic expansions of the country's economy over the period 1880-1940. We explore the growth of the Athens Stock Exchange (ASE) through new listings and Initial Public...

Einleitung -- Die Zulassung von Aktien zum Börsenhandel -- Methoden der Wertpapieremission -- Prospekthaftung nach dem Börsengesetz -- Die Entwicklung der deutschen Wertpapierbörsen -- Die deutsche Börsenstruktur in drei Phasen -- Die Untersuchung von Börseneinführungen -- Schlussbetrachtung.

Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book's editors, David...

This paper is a slightly revised version of a presentation that was given at the celebration of the Center for Financial Studies at Goethe University Frankfurt on the occasion of the 80th birthday of Dr. Rolf-E. Breuer on November 30, 2017. It illuminates the development of the exchange...

Modern finance has become a very complicated field, which raises many questions about its economic and social mission. Many bankers' ignorance of complex knowledge and care for the future are hostile ingredients that transform the markets' volatility, through spillover effects, into economic and...

Die Börse war im 19. und 20. Jahrhundert einer der spektakulärsten Orte im Zentrum Berlins. Der 1863 eingeweihte repräsentative Monumentalbau gegenüber dem Berliner Dom manifestierte das neue Nationalbewusstsein Preußens und entwickelte sich zu einem prominenten Schauplatz ökonomischen...

Billions of dollars have flooded new online marketplaces for trading private company stock. These marketplaces stand poised to become important, lasting features of the private company world as they provide a central meeting place for buyers and sellers and potentially increase the liquidity of...

Credit analysts often leave rating agencies to work at firms they rate. We use benchmark rating agencies as counterfactuals to measure rating inflation in a difference-in-differences framework and find that transitioning analysts award inflated ratings to their future employers before switching...

The following article is based on the Paul Healy's keynote address at the 2014 Applied Finance Conference held at St. John's University Manhattan, NY campus on May 16th, 2014. His address summarized a decade long research program examining the workings of both the sell and buy sides of financial...

"Je höher man steigt, umso tiefer der Fall" - auf wohl kein Phänomen trifft dieser Ausspruch so gut zu wie auf Finanzkrisen. Steigen die Preise für ein Spekulationsobjekt in immer gröe︢re Höhen und erhitzt sich der Markt immer mehr, ist die Folge meist ein abrupter Fall: Die Blase platzt!...

We evaluate the importance of “Limits to Arbitrage” to explain profitability of momentum strategies. Specifically, when the availability of arbitrage capital is in short supply, momentum cycles last longer, and breaks in momentum cycles are shorter. We demonstrate the robustness of our...

Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...

Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...

Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to become very large. We recreate, in a laboratory setting, some of the specific institutional features investors in the South Sea Company faced in 1720. Several factors have been...

Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...

Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...

This paper continues the data collection procedure and analysis set forth in Nyberg and Vaihekoski (2009). A number of new time series that are commonly used in finance literature are collected, created, and analyzed for the first time. These series include, among others, monthly dividend yields...

This paper studies how private information is incorporated into prices, using a unique setting from the 18th century that, in many dimensions, is simpler and closer to stylized models of price discovery than modern-day markets. Specifically, the paper looks at a number of English securities that...

What explains short-term fluctuations of stock prices? This paper exploits a natural experiment from the 18th century in which information flows were regularly interrupted for exogenous reasons. English shares were traded on the Amsterdam exchange and news came in on sailboats that were often...

This paper employs a natural experiment from financial history to study the process by which private information is incorporated into prices. I look at the market for English securities in the Netherlands during the 1770s and 1780s. Anecdotal evidence suggests that English insiders traded...