Shourya Ghosh, under the supervision of Edward Altman, does a statistical comparison of credit ratings from Moody’s and Standard & Poor’s to see whether there are any consistent biases between the two rating agencies. Kenneth McDermid, under the direction of Jeffrey Wurgler, investigates the...

The paper describes how two types of traders, marketmakers and speculators, establish their positions and manage their risk exposure. We show that balance sheets are insufficient to determine whether a trader is a marketmaker or a speculator. On the other hand, trading records describing the...

The outbreak of World War I shut the New York Stock Exchange for more than four months. The conventional explanation maintains that the closure prevented a collapse in stock prices that threatened a repetition of the Panic of 1907. This paper shows that the Wilson Administration encouraged the...

The outbreak of World War I shut the New York Stock Exchange for more than four months. The conventional explanation maintains that the closure prevented a collapse in stock prices that threatened a repetition of the Panic of 1907. This paper shows that the Wilson Administration encouraged the...

The outbreak of World War I shut the New York Stock Exchange for more than four months. The conventional explanation maintains that the closure prevented a collapse in stock prices that threatened a repetition of the Panic of 1907. This paper shows that the Wilson Administration encouraged the...

The paper describes how two types of traders, market makers and speculators, establish their positions and manage their risk exposure. We show that balance sheets are insufficient to determine whether a trader is a market maker or a speculator. On the other hand, trading records describing the...

The suspension of trading on the New York Stock Exchange for more than four months following the outbreak of World War I fostered a substitute market on New Street as a source of liquidity. The New Street market suffered from a lack of price transparency because its transactions were not...

The suspension of trading on the New York Stock Exchange for more than four months following the outbreak of World War I fostered a substitute market on New Street as a source of liquidity. The New Street market suffered from a lack of price transparency because its transactions were not...

The suspension of trading on the New York Stock Exchange for more than four months following the outbreak of World War I fostered a substitute market on New Street as a source of liquidity. The New Street market suffered from a lack of price transparency because its transactions were not...

At the outbreak of World War I, the biggest gold outflow in a generation posed a doublebarreled threat to American finance: An internal drain of currency from the banking system and an external drain of gold to Europe. The Federal Reserve System, newly authorized by Congress on December 23,...