Economically Irrational Pricing of 19th Century British Government Bonds
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چکیده
منابع مشابه
Economically irrational pricing of 19th century British government bonds
British government bonds formed the deepest, most liquid, and most transparent financial market of the 19th century. This paper shows that those bonds had long periods, extending over decades, of anomalous behavior, in which Consols, the largest and best known of these instruments, were noticeably overpriced relative to equivalent gilts which offered the same interest rate and the same guarante...
متن کاملEconomically irrational pricing of nineteenth century British government bonds
British government bonds formed the deepest, most liquid, and most transparent financial market of the 19th century. This paper shows that those bonds had long periods, extending over decades, of anomalous behavior, in which Consols, the largest and best known of these instruments, were noticeably overpriced relative to equivalent securities which offered the same interest rate and the same gua...
متن کاملSupplementary material for “Economically irrational pricing of 19th century British government bonds”
This manuscript presents a variety of materials supplementing the paper “Economically irrational pricing of 19th century British government bonds.” The motivation, background, and notation are all explained in that manuscript. This one does not form a coherent work by itself. The first three sections illustrate how the British establishment viewed gilts mispricing around 1870, and how the marke...
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This basic socio-cultural framework, with all its inherent ambivalences and contradictions, emerged during the colonial era and exercised a deep and lasting impact on the political, economic and social structure of the new South American nations. Only after many decades was the impact blurred by the action of other external influences, change occurring from within, and a growing sense of nation...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2014
ISSN: 1556-5068
DOI: 10.2139/ssrn.2435399