Research on the financial events of 1720 in Britain has overwhelmingly focused on the South Sea Company, but price movements were much more dramatic in the shares of the newly incorporated London Assurance (LA) Company. This paper uses unique archival material on the London Assurance to address...

Bubbles have become ubiquitous. This ubiquity has stimulated research over the past three decades into bubbles in history. In this article, we provide a systematic overview of research into historical bubbles. Our analysis reveals that there is no coherent approach to the study of bubbles and...

Technological revolutions are often accompanied by substantial stock price reversals, but previous literature has produced competing explanations for why this is the case. This paper brings new evidence to this debate using data from the innovation-driven British Bicycle Mania of 1895-1900, in...

Can limits to arbitrage explain historical asset price reversals? During the "British Bicycle Mania" of 1896-1898, cycle share prices rose by 200 per cent before falling 76 per cent from their peak value. This paper argues that arbitrage during this episode was limited by the risk of being...

"Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting,...

Clientele-based theories explaining asset price bubbles are often difficult to test because the identities of investors cannot easily be tracked over time. This paper tests these theories using a hand-collected sample of 12,000 investors during an asset price reversal in the shares of British...

Bubbles have become ubiquitous. This ubiquity has stimulated research over the past three decades into bubbles in history. In this article, we provide a systematic overview of research into historical bubbles. Our analysis reveals that there is no coherent approach to the study of bubbles and...

Clientele-based theories explaining asset price bubbles are often difficult to test because the identities of investors cannot easily be tracked over time. This paper tests these theories using a hand-collected sample of 12,000 investors during an asset price reversal in the shares of British...

Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting,...

Using ownership and control data for 890 firm-years, this paper examines the concentration of capital and voting rights in British companies in the second half of the nineteenth century. We find that both capital and voting rights were diffuse by modern-day standards. This implies that ownership...