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Financial acumen, women speculators, and the Royal African company during the South Sea bubble


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  • Ann Carlos
  • Karen Maguire
  • Larry Neal


Price bubbles provide a unique opportunity to study the financial acumen of shareholders. We focus on the 1720 South Sea episode as experienced by the Royal African Company whose stock was more speculative than other joint stocks. During 1720 the company had a new large stock issue. This paper examines the financial acumen of those women who traded senior and engrafted stock across 1720. We find that depending on the pricing regime, these women at worst broke even on their activities or had positive speculative gains. Our findings are consistent with a growing literature on the positive link between gender, capital gains and financial markets.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Accounting History Review.

Volume (Year): 16 (2006)
Issue (Month): 2 ()
Pages: 219-243

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Handle: RePEc:taf:acbsfi:v:16:y:2006:i:2:p:219-243

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Keywords: Financial markets; asset pricing; institutions; women investors; South Sea Bubble; Royal African Company;


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Cited by:
  1. Rik P. & William Goetzmann & K. Rouwenhorst, 2009. "New Evidence on the First Financial Bubble," Yale School of Management Working Papers amz2542, Yale School of Management, revised 01 Nov 2009.
  2. Gary S. Shea, 2011. "(Re)financing the Slave Trade with the Royal African Company in the Boom Markets of 1720," CDMA Working Paper Series 201114, Centre for Dynamic Macroeconomic Analysis.


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