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The stock market bubble of 1929: evidence from clsoed-end mutual funds
| Content Provider | Scilit |
|---|---|
| Author | Long, J. Bradford De Shleifer, Andrei |
| Copyright Year | 1991 |
| Description | Economists directly observe warranted “fundamental” values in only a few cases. One is that of closed-end mutual funds: their fundamental value is simply the current market value of the securities that make up their portfolios. We use the difference between prices and net asset values of closed-end mutual funds at the end of the 1920s to estimate the degree to which the stock market was overvalued on the eve of the 1929 crash. We conclude that the stocks making up the S & P composite were priced at least 30 percent above fundamentals in late summer, 1929. |
| Related Links | https://dash.harvard.edu/bitstream/1/30703980/1/bubble_1929.pdf https://www.cambridge.org/core/services/aop-cambridge-core/content/view/1D38894DF3221F3DB54B733373B10C80/S0022050700039619a.pdf/div-class-title-the-stock-market-bubble-of-1929-evidence-from-clsoed-end-mutual-funds-div.pdf |
| Ending Page | 700 |
| Page Count | 26 |
| Starting Page | 675 |
| ISSN | 00220507 |
| e-ISSN | 14716372 |
| DOI | 10.1017/s0022050700039619 |
| Journal | The Journal of Economic History |
| Issue Number | 3 |
| Volume Number | 51 |
| Language | English |
| Publisher | Cambridge University Press (CUP) |
| Publisher Date | 1991-09-01 |
| Access Restriction | Open |
| Subject Keyword | The Journal of Economic History History of Social Sciences Stock Market |
| Content Type | Text |
| Resource Type | Article |
| Subject | History Economics and Econometrics |
