English, Article edition: East India bonds, 1718 1763: early exotic derivatives and London market efficiency MARCO, PILAR NOGU S; MALLE-SABOURET, CAMILA VAM

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Physical Description
  • article
Language
  • English

Edition details

Title
  • East India bonds, 1718 1763: early exotic derivatives and London market efficiency
Author
  • MARCO, PILAR NOGU S
  • MALLE-SABOURET, CAMILA VAM
Physical Description
  • article
Notes
  • Were eighteenth-century financial markets efficient? Neal (1990) shows that the London and Amsterdam markets were integrated. Yet some scholars find that the London capital market was either not integrated across various classes of securities, or was comprised of ignorant investors who were not knowledgeable enough to arbitrage across securities with different maturities, or was even irrational at times. In this article, we demonstrate that these London capital market inefficiencies suggested by previous scholars arise from an incorrect comprehension of the pricing of the financial instrument they use. After examining certain features peculiar to India bonds overlooked by previous authors, we make it clear that the London domestic market was perfectly integrated and that investors were capable of handling and pricing sophisticated options.
  • RePEc:cup:ereveh:v:11:y:2007:i:03:p:367-394_00
Language
  • English
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