2003, English, Article, Working paper edition: Riding the South Sea Bubble [by] Peter Temin [and] Hans-Joachim Voth [electronic resource] Peter Temin

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Bookmark: http://trove.nla.gov.au/version/117842229
Physical Description
  • 51 p. :
Published
  • Cambridge, MA Massachusetts Institute of Technology, Dept. of Economics 2003
Language
  • English

Edition details

Title
  • Riding the South Sea Bubble [by] Peter Temin [and] Hans-Joachim Voth
Author
  • Peter Temin
Other Authors
  • Voth, Hans-Joachim
  • Massachusetts Institute of Technology. Dept. of Economics
Published
  • Cambridge, MA Massachusetts Institute of Technology, Dept. of Economics 2003
Medium
  • [electronic resource]
Physical Description
  • 51 p. :
Series
Summary
  • This paper presents a case study of a well-informed investor in the South Sea bubble. We argue that Hoare's Bank, a fledgling West End London banker, knew that a bubble was in progress and that it invested knowingly in the bubble; it was profitable to ride the bubble. Using a unique dataset on daily trades, we show that this sophisticated investor was not constrained by institutional factors such as restrictions on short sales or agency problems. Instead, this study demonstrates that predictable investor sentiment can prevent attacks on a bubble; rational investors may only attack when some coordinating event promotes joint action. Keywords: Bubbles, Crashes, Synchronization Risk, Predictability, Investor Sentiment, South Sea Bubble, Market Timing, Limits to Arbitrage, Efficient Market, Hypothesis. JEL Classifications: G14, G12, N23 .
Notes
  • "December 21, 2003." Includes bibliographical references (p. 49-51). Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Language
  • English
Contributed by
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