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History as Reflected in Capital Markets: The Case of World War II

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  • FREY, BRUNO S.
  • KUCHER, MARCEL

Abstract

Historical events are reflected in asset prices. We analyze movements in the price of bonds issued by five European governments and traded on the Swiss bourse between 1928 and 1948, with special attention to the war years. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for the official outbreak of the war and changes in national sovereignty. But other events to which historians attach great importance are not reflected in bond prices, most prominently Germany s capitulation in 1945.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 60 (2000)
Issue (Month): 02 (June)
Pages: 468-496

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Handle: RePEc:cup:jechis:v:60:y:2000:i:02:p:468-496_00

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  1. De Bondt, Werner F M & Thaler, Richard, 1985. " Does the Stock Market Overreact?," Journal of Finance, American Finance Association, vol. 40(3), pages 793-805, July.
  2. Perron, Pierre, 1989. "The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis," Econometrica, Econometric Society, vol. 57(6), pages 1361-1401, November.
  3. Banerjee, Anindya & Lumsdaine, Robin L & Stock, James H, 1992. "Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 271-87, July.
  4. Forsythe, Robert & Forrest Nelson & George R. Neumann & Jack Wright, 1992. "Anatomy of an Experimental Political Stock Market," American Economic Review, American Economic Association, vol. 82(5), pages 1142-61, December.
  5. Willard, Kristen L & Guinnane, Timothy W & Rosen, Harvey S, 1996. "Turning Points in the Civil War: Views from the Greenback Market," American Economic Review, American Economic Association, vol. 86(4), pages 1001-18, September.
  6. Smith, Vernon L, 1982. "Markets as Economizers of Information: Experimental Examination of the "Hayek Hypothesis"," Economic Inquiry, Western Economic Association International, vol. 20(2), pages 165-79, April.
  7. Sobel, Russell S, 1998. " Exchange Rate Evidence on the Effectiveness of United Nations Policy," Public Choice, Springer, vol. 95(1-2), pages 1-25, April.
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