This paper identifies a sharp decline in the volatility of consol prices after the end of the Napoleonic wars in 1815. The volatility of consol returns drops by more than half after 1815 and our empirical testing confirms a long period of remarkable stability that includes the entire Victorian...

Although it has been well established that financial volatility is related to news and macroeconomic shocks, there has been less emphasis on the importance of underlying economic and political stability. In this paper we study the behavior of consol returns since 1729 and identify a...

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler's 1933-1945 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hitler's reintroduction of conscription in 1935, the...

This paper examines the Confederate cotton bonds floated in Europe in March 1863 and traded on the London market. Over our March 27, 1863 to June 17, 1865 sample we isolate two, non-reversed, "turning points" that follow news of Confederate defeat at Gettysburg and Vicksburg in July 1863 and the...

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler's 1933-45 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hider's reintroduction of conscription in 1935, the...

Global equity markets experienced a significantly negative return of over 4.7 percent on June 24, 2016 in response to news of Britain's decision (BREXIT) to leave the European Union. Stock market indices for members of the European Union were hard hit with nearly all experiencing significantly...