Risk and the National Industrial Recovery Act: An Empirical Evaluation
AbstractThis paper examines the National Industrial Recovery Act of 1933 to see if the law helped “stabilize” the U.S. economy during the Great Depression. The test measures sample variances of the rates of return in stock price indices for six major U.S. industries as well as the overall stock market and compares those variances across five time periods. The statistics reveal that the NIRA did not reduce risks faced by these firms. Stocks for NIRA-regulated industries did not significantly decline in risk during the NIRA period, as compared with sample variance changes elsewhere during the Great Depression. The paper then interprets the results from a public choice point of view. Copyright Kluwer Academic Publishers 2000
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Springer in its journal Public Choice.
Volume (Year): 103 (2000)
Issue (Month): 1 (April)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=100332
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Thomas W. Ross, 1983.
"Winners and Losers under the Robinson-Patman Act,"
University of Chicago - George G. Stigler Center for Study of Economy and State
30, Chicago - Center for Study of Economy and State.
- Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
- Ackert, Lucy F., 1994. "Uncertainty and volatility in stock prices," Journal of Economics and Business, Elsevier, vol. 46(4), pages 239-253, October.
- Alexander, Barbara J., 1997. "Failed Cooperation in Heterogeneous Industries Under the National Recovery Administration," The Journal of Economic History, Cambridge University Press, vol. 57(02), pages 322-344, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.