|
If you are seeing this message, you may be experiencing temporary network problems. Please wait a few minutes and refresh the page. If the problem persists, you may wish to report it to your local Network Manager.
It is also possible that your web browser is not configured or not able to display style sheets. In this case, although the visual presentation will be degraded, the site should continue to be functional. We recommend using the latest version of Microsoft or Mozilla web browser to help minimise these problems.
Wiley InterScience | |||||||||
  The Economic History ReviewVolume 60 Issue 4, Pages 742 - 765 Published Online: 18 Oct 2007 © 2010 Economic History Society Published on behalf of the Economic History Society
Abstract | References | Full Text: HTML, PDF (Size: 185K) | Supporting Information | Related Articles | Citation Tracking  Financial market analysis can go mad (in the search for irrational behaviour during the South Sea Bubble) Copyright Economic History Society 2007 ABSTRACTAn investigation into the legal and political history of South Sea Company subscription finance shows that the subscription contracts had default options built into them, as was typically the case in eighteenth-century subscription financing. Company records and contemporary pamphlet literature show that people understood the subscription finance mechanics that were stated in law. A fair presentation of South Sea share value data also supports this view. We thus conclude that the analyses published in this journal by Dale, Johnson, and Tang were irretrievably flawed and present a substantially incorrect history of the markets for South Sea shares. Date submitted 8 July 2005 | 
| ||||||||
