Journal articles: 'Stock Market Crash, 1929'

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Dimand, Robert W. "Irving Fisher and Financial Economics: The Equity Premium Puzzle, the Predictability of Stock Prices, and Intertemporal Allocation Under Risk." Journal of the History of Economic Thought 29, no. 2 (June 2007): 153–66. http://dx.doi.org/10.1080/10427710701335885.

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Irving Fisher is renowned as the pundit who declared in October 1929 that stock prices appeared to have reached a permanently high plateau and who, having amassed a net worth of ten million dollars in the boom of the 1920s, proceeded to lose eleven million dollars of that fortune in the crash, which, as John Kenneth Galbraith (1977, p. 192) remarked, “was a substantial sum, even for an economics professor.” Along with the Dow-Jones index, Fisher's reputation for understanding financial markets declined relative to that of Roger Babson, the stock forecaster, amateur economist, and founder of Babson College, who presciently predicted the stock market crash of autumn 1929 (and, with less prescience, the stock market crashes of 1926, 1927, and 1928, and the stock market recovery of 1930). An editorial in The Commercial and Financial Chronicle (November 9, 1929) declared of Fisher: “The learned professor is wrong as he usually is when he talks about the stock market” (quoted by Galbraith 1972, p. 151).

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Meric, Ilhan, Lan Ma Nygren, Jerome T. Bentley, and Charles W. McCall. "Co-Movements Of U.S. And European Stock Markets Before And After The 2008 Gloal Stock Market Crash." Studies in Business and Economics 10, no. 2 (August 1, 2015): 83–98. http://dx.doi.org/10.1515/sbe-2015-0022.

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Abstract Empirical studies show that correlation between national stock markets increased and the benefits of global portfolio diversification decreased significantly after the global stock market crash of 1987. The 1987 and 2008 crashes are the two most important global stock market crashes since the 1929 Great depression. Although the effects of the 1987 crash on the comovements of national stock markets have been investigated extensively, the effects of the 2008 crash have not been studied sufficiently. In this paper we study this issue with a research sample that includes the U.S stock market and twenty European stock markets. We find that correlation between the twenty-one stock markets increased and the benefits of portfolio diversification decreased significantly after the 2008 stock market crash.

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James, Harold. "1929: The New York Stock Market Crash." Representations 110, no. 1 (2010): 129–44. http://dx.doi.org/10.1525/rep.2010.110.1.129.

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Stock market panics involve major psychological elements, and fear appears in the form of a reference to past events that seem to have analogies. Not only was 1929 an example of this process, in that the participants thought in terms of previous crises, but 1929 has also become the standard against which subsequent events are judged.

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Klein, Maury. "The Stock Market Crash of 1929: A Review Article." Business History Review 75, no. 2 (2001): 325–51. http://dx.doi.org/10.2307/3116648.

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The stock market crash of 1929, a major trauma that still haunts the national memory, has received surprisingly little attention from scholars in seventy years and has produced even less agreement as to its causes and consequences. This review of the literature suggests that the disagreements and debates over the crash reveal as much about what can and cannot be known for certain about the event as they do about potential answers to the mysteries of the crash.

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White, Eugene N. "The Stock Market Boom and Crash of 1929 Revisited." Journal of Economic Perspectives 4, no. 2 (May 1, 1990): 67–83. http://dx.doi.org/10.1257/jep.4.2.67.

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This paper will sort through many of the hypotheses offered to explain the 1929 boom and bust. Most of the factors cited by historians played trivial or insignificant roles. The central issue is whether fundamentals or a bubble drove the bull market upwards. An econometric resolution of this question is unlikely, for reasons that Flood and Hodrick explain in their contribution to this symposium. However, the qualitative evidence assembled in this paper favors the view that a bubble was present in the 1929 market.

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Rappoport, Peter, and Eugene N. White. "Was There a Bubble in the 1929 Stock Market?" Journal of Economic History 53, no. 3 (September 1993): 549–74. http://dx.doi.org/10.1017/s0022050700013486.

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In contrast to historical accounts of the boom and crash of the 1929 stock market, recent econometric studies have concluded that there were no bubbles in the American stock market over the past one hundred years. Examining the pricing of loans to stock brokers, we find information on the lenders' perceptions of the future course of stock prices in 1929. From this market, we extract an estimate of the bubble in stock prices. This bubble component contributes significantly to explain stock price behavior, even though standard cointegration tests suggest that there was no bubble in the market.

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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The dynamics of stock market development in the United States of America." Risk Governance and Control: Financial Markets and Institutions 3, no. 1 (2013): 93–102. http://dx.doi.org/10.22495/rgcv3i1c1art3.

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This paper highlights the origin and development of the stock market in the United States of America. The country consists of several stock exchanges, with the three largest being the NYSE Euronext (NYX), National Association of Securities Dealers Automated Quotation (NASDAQ), and the Chicago Stock Exchange. Stock market reforms have been implemented since the stock market crash of 1929; and the exchanges responded positively to some of these reforms, but not so positively to some of the reforms. As a result of the reforms, the U.S. stock market has developed in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the U.S. stock market has developed over the years, its market still faces wide-ranging challenges.

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Eckes, Alfred E. "Smoot-hawley and the stock market crash, 1929-1930." International Trade Journal 12, no. 1 (March 1998): 65–82. http://dx.doi.org/10.1080/08853909808523898.

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De Long, J. Bradford, and Andrei Shleifer. "The stock market bubble of 1929: evidence from clsoed-end mutual funds." Journal of Economic History 51, no. 3 (September 1991): 675–700. http://dx.doi.org/10.1017/s0022050700039619.

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Economists directly observe warranted “fundamental” values in only a few cases. One is that of closed-end mutual funds: their fundamental value is simply the current market value of the securities that make up their portfolios. We use the difference between prices and net asset values of closed-end mutual funds at the end of the 1920s to estimate the degree to which the stock market was overvalued on the eve of the 1929 crash. We conclude that the stocks making up the S & P composite were priced at least 30 percent above fundamentals in late summer, 1929.

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Davis W. Houck. "Rhetoric as Currency: Herbert Hoover and the 1929 Stock Market Crash." Rhetoric & Public Affairs 3, no. 2 (2000): 155–81. http://dx.doi.org/10.1353/rap.2010.0156.

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Voth, Hans-Joachim. "With a Bang, not a Whimper: Pricking Germany's “Stock Market Bubble” in 1927 and the Slide into Depression." Journal of Economic History 63, no. 1 (March 2003): 65–99. http://dx.doi.org/10.1017/s0022050703001736.

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In May 1927, the German central bank intervened indirectly to reduce lending to equity investors. The crash that followed ended the only stock market boom during Germany's relative stabilization 1924–1928. The evidence strongly suggests that the German central bank under Hjalmar Schacht was wrong to be concerned about stock prices—there was no bubble. Also, the Reichsbank was mistaken in its belief that a fall in the market would reduce the importance of short-term foreign borrowing and improve conditions in the money market. The misguided intervention had important real effects. Investment suffered, helping to tip Germany into depression.

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Iancu, Laura Andreea, Andreea Elena Croicu, and Luana Cristina Rogojan. "An Investigation on Real Estate Market Dynamics and Bubble Formation Modeling." Proceedings of the International Conference on Business Excellence 17, no. 1 (July 1, 2023): 1603–16. http://dx.doi.org/10.2478/picbe-2023-0144.

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Abstract A speculative bubble arises when the market price of a financial asset diverges from its fundamental value, resulting in abrupt and disproportionate hikes that cannot be rationally explained by its underlying intrinsic value. This behavior is often followed by market crashes, as observed during historical asset bubbles such as the Dutch Tulip Mania (1634-1637), the Mississippi bubble (1719-1720), the South Sea bubble (1720), the stock-market bubble of the US (1921-1929), the Japanese stock market and real estate bubbles (1986-1991), and the recent US housing bubble and the stock market crash (2002-2006). In the housing market, speculative bubbles can be attributed to excessive public expectations of future price increases, leading to overpricing and eventually diminishing demand and instability of inflated home prices (Case and Shiller, 2003). The cycle of a housing market bubble involves individuals continuing to purchase houses despite awareness of overpricing, with the expectation of compensation through further price increases. This perception of continuous price increases leads to increased demand, which further drives up prices. However, house prices cannot increase indefinitely, and the steady increase eventually becomes unstable, resulting in a downward adjustment that may occur at a much faster pace than price increases. The existence of speculative bubbles in stock and housing markets has led academics to investigate their potential role in financial crises.

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Chambers, David, and Ali Kabiri. "Keynes and Wall Street." Business History Review 90, no. 2 (2016): 301–28. http://dx.doi.org/10.1017/s0007680516000362.

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This article examines in detail how John Maynard Keynes approached investing in the U.S. stock market on behalf of his Cambridge College after the 1929 Wall Street Crash. We exploit the considerable archival material documenting his portfolio holdings, his correspondence with investment advisors, and his two visits to the United States in the 1930s. While he displayed an enthusiasm for investing in common stocks, he was equally attracted to preferred stocks. His U.S. stock picks reflected his detailed analysis of company fundamentals and a pronounced value approach. Already in this period, therefore, it is possible to see the origins of some of the investment techniques adopted by professional investors in the latter half of the twentieth century.

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Bates, David S. "U.S. stock market crash risk, 1926–2010." Journal of Financial Economics 105, no. 2 (August 2012): 229–59. http://dx.doi.org/10.1016/j.jfineco.2012.03.004.

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RUTTERFORD, JANETTE, and DIMITRIS P. SOTIROPOULOS. "The Rise of the Small Investor in the United States and United Kingdom, 1895 to 1970." Enterprise & Society 18, no. 3 (April 17, 2017): 485–535. http://dx.doi.org/10.1017/eso.2016.25.

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The role of the small shareholder has been largely ignored in the literature, which has tended to concentrate on controlling shareholders and family ownership. Yet, focus on the importance of small shareholders can capture significant aspects of financial development. Pre-1970 debates and policy conflicts linked to stock exchange development concentrated on shareholder democracy and diffusion as key indicators. This article explores the so-called democratization of investment and the factors behind it through the lens of trends in estimates of the UK and U.S. shareholding populations between 1895 and 1970. It covers three key periods: before World War I, before and after the stock market crash of 1929, and post-World War II. It identifies three periods in the United States when shareholder numbers were paramount: in the boom years of the 1920s, as part of the inquest into the 1929 crash, and post-World War II in an attempt to boost stock market activity. In the United Kingdom, although some concern was expressed during the 1920s and 1930s at the passive nature of small investors, who held diversified portfolios with small amounts in each holding, it was the fear of nationalization after World War II that led to more in-depth shareholder estimates.

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A. Conrad, Christian. "The Effects of Money Supply and Interest Rates on Stock Prices, Evidence from Two Behavioral Experiments." Applied Economics and Finance 8, no. 2 (February 23, 2021): 33. http://dx.doi.org/10.11114/aef.v8i2.5173.

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What is the impact of interest rate and monetary policy on the stock market? Some studies find a positive impact of expansive monetary policy on stock prices others prove the opposite. This paper examines the effects of monetary expansion and interest rate changes on investment behavior on the stock market by illustrating two behavioral experiments with students. In our experiments the increase of money supply and the decrease of interest rates had a direct positive impact on share prices. These findings support the hypothesis that extreme expansive monetary policy with low, zero or negative interest rates encourage financial bubbles on the stock market. To avoid a crash the exit from such a policy must be slow. As happened in 1929, crashes can damage the financial system and the real economy. Central banks must take this into account in their monetary policy.

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Ewing, Bradley T., Mark A. Thompson, and Mark A. Yanochik. "Using volume to forecast stock market volatility around the time of the 1929 crash." Applied Financial Economics 17, no. 14 (October 2007): 1123–28. http://dx.doi.org/10.1080/09603100600794309.

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Cavaleri, Steven, and Sheldon Friedman. "Effects of Free Goods on Market Sustainability." International Journal of System Dynamics Applications 2, no. 4 (October 2013): 68–101. http://dx.doi.org/10.4018/ijsda.2013100105.

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Various types of ‘bubbles', e.g. stock market, housing, dot.com, high-tech, historically, are commonly-observed phenomena in complex systems. Yet, their emergence often surprises people who remain unaware of history or their systemic roots. Bubbles are often considered to be simply the product of unwise speculative investments or social mania. Alternatively, conventional economic theories often consider factors, such as interest rates, to be the trigger. However, economic theories rarely account for the systemic structure of markets or for non-linear dynamics. The authors propose that special cases may emerge in some markets to trigger instability. Specifically, when minimal interest rates and capital requirements (down payments) are become extremely low a perceptual shift occurs among consumers such that they become viewed as approximate free goods. This paper proposes that unwise economic policies may activate a free goods scenario initiating a cascading series of destabilizing events leading to market collapse. The authors propose hypothesize that such incendiary policies caused both the 1929 stock market crash and the 2008 subprime housing crisis in the United States. To more deeply examine this claim, these policies were tested using a system dynamics model based on data from both the 1929 and 2008 crises. The model simulated and tested the effects of alternative rate policies on market dynamics. Some of the rates and down payments used in both crises set off tsunami-like shock waves through markets leading to their sudden collapse in these simulations. Based on the findings of this study, found that economic policies lessened market stability. The authors propose several revisions to these policies to foster greater market sustainability.

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Lincove, David. "Book Review: The Great Depression and the New Deal: Key Themes and Documents." Reference & User Services Quarterly 57, no. 4 (June 15, 2018): 306. http://dx.doi.org/10.5860/rusq.57.4.6722.

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Olsen and Gumpert designed this new book to serve the ready reference needs of “advanced high school and early undergraduate readers” (vii), but they emphasize support for high school advanced placement US history classes and the Common Core curriculum. The content of the book covers the period from the Stock Market crash in October 1929 until the beginning of World War II in September 1939, but the focus on “key themes” means that the authors do not seek the broad topical scope of an encyclopedia.

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Thomson, Andrew M. "Canada’s Entrepreneurs: From the Fur Trade to the 1929 Stock Market Crash (review)." Canadian Historical Review 93, no. 4 (2012): 669–71. http://dx.doi.org/10.1353/can.2012.0062.

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Postol, Todd Alexander. "Masculine Guidance: Boys, Men, and Newspapers, 1930–1939." Enterprise & Society 1, no. 2 (June 2000): 355–90. http://dx.doi.org/10.1017/s1467222700000562.

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The familiar neighborhood paper boy was a product of the Depression, born of the need to boost revenues and improve readership. Operating funds for newspapers swiftly declined in the wake of the 1929 stock market crash. Circulation managers responded with one of the few resources at their command—inexpensive juvenile labor. Drawing on connections linking men and boys in the marketplace, circulation heads fashioned a gendered managerial philosophy that was distinctive to their industry. This approach, here termed masculine guidance, revitalized daily news delivery and transformed the relationship between middle-class childhood and paid work in the United States.

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Wantland, William. "Alfers, Pool, And Mugleston, Eds., Perspective On America, Volume 2 - Reading In United States History From 1822." Teaching History: A Journal of Methods 24, no. 1 (April 1, 1999): 50–51. http://dx.doi.org/10.33043/th.24.1.50-51.

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In Readings in United States History editors Kenneth G. Alfers, C. Larry Pool, and William Mugleston have compiled articles that include some very well-known events and people in American history, such as George Armstrong Custer and the Battle of the Little Big Hom, steel magnate Andrew Carnegie and his influence on American society and the Industrial Revolution, the Populist Movement of the 1890s, the causes and con;;equences of the Stock Market Crash of 1929, the "man of the century"-Franklin D. Roosevelt, the controversial Lydon B. Johnson, and finally the equally frustrating war conducted by LBJ-the Vietnam War.

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Akçetin, Elif. "Anatolian Peasants in the Great Depression 1929–1933." New Perspectives on Turkey 23 (2000): 79–102. http://dx.doi.org/10.1017/s0896634600003393.

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The effects of the Great Depression of 1929 on peasants in Turkey is an area of study that has remained neglected, despite the fact that peasants then constituted 75 percent of the population. The reason why the condition of peasants has not attracted much attention is the dramatic change between the economic policies of the 1920s and those of the 1930s. The immediate consequence of the stock-market crash and the sudden drop in prices was the shrinkage of international trade. Governments dealt with the depression by implementing quotas on imports, and liberal economic policies were no longer considered successful. Protectionism became the most popular policy for the management of economies in difficulty. The change in economic policies during this period constituted a break with the past and therefore has been the principal focus of studies on the Great Depression.

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DuPree, Mary Herron. "Mirror to an Age: Musical America, 1918–30." Royal Musical Association Research Chronicle 23 (1990): 137–47. http://dx.doi.org/10.1080/14723808.1990.10540939.

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The time between the end of the First World War in 1918 and the stock market crash in 1929 has traditionally been considered an interregnum in American Music: before it, American music and musical culture largely reflected that of Europe, and after it, America found its voice in the distinctive compositions of Aaron Copland, Roy Harris and others. An examination of periodical writings on music from that time, however, reveals that this period marked not a state of anticipation but the real beginning of modern American music, of composition of international significance, and of distinctive styles of American composition. It was a period when traditionalism, modernism and jazz-influenced composition were each passionately defended and condemned not only in the music journals but in the pages of most of the general intellectual magazines.

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Chirkova, Christina D. "What Will Happen with the Hong Kong Stock Exchange After 2047?" Oriental Courier, no. 3-4 (2021): 109. http://dx.doi.org/10.18254/s268684310018026-6.

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The author analyzes the history of Hong Kong Exchanges and Clearing Limited (HKEX) development and the possible consequences of Hong Kong autonomy liquidation. Since Hong Kong’s economy is based on free-market principles and is notable for low taxation and state non-interference, the stock exchange is one of the main institutions contributing to the economic development of Hong Kong as a special administrative region. Since the beginning of the 21st century, the Chinese authorities have made active attempts to change the special autonomous status of Hong Kong. In 2003, mainland Chinese authorities tried to promote the Law on Protection of National Security. The initiative drew criticism from Hong Kong residents and led to large-scale protests. A wave of protests in Hong Kong in 2014 was provoked by Beijing’s attempt to control local elections in the autonomous region. In 2019, the PRC government attempted to pass an extradition law, which triggered a new wave of social tension. Beijing’s interventions affected the Hong Kong Stock Exchange Index and the economic health of the special administrative region. There are known cases in which the fall of a major stock index led to economic collapse. For example, the 1929 stock market crash, known as the Wall Street crash, caused the Great Depression in the United States, while the Dow Jones index drop of October 19, 1987, also had influence on the world economy by affecting the stock indices of other countries. In recent years, it has become increasingly difficult to separate Hong Kong’s political autonomy from its economic strength. The current “one country — two systems” policy ensures the status quo for Hong Kong’s stock exchange and prevents Beijing from regulating it. But the abolition of autonomy in 2047 will entail not only political but also economic changes that could affect all of Hong Kong’s financial structures.

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Nazir, Muhammad Umair. "Does Corporate Governance Practices Effect on Cost of Debt: Cross-Country Comparison of Pakistan and India." Jurnal Ilmiah Akuntansi dan Bisnis 16, no. 2 (July 25, 2021): 187. http://dx.doi.org/10.24843/jiab.2021.v16.i02.p01.

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This study empirically examines the association between corporate governance practices and the cost of debt in Pakistan and India. By law, both Pakistani and Indian firms are required to publish their annual reports with recommended Corporate Governance Codes. Corporate governance practices were pivotal in the U.S. stock market crash of 1929. In this study, we used data from 2014 to 2017 of published compliance from 100 nonfinancial companies in Pakistan and India. This study discloses the essentiality of better corporate governance to decrease the cost of debt and offers additional empirical evidence through a comparative analysis of the links between corporate governance and the cost of debt in Pakistan and India. Keywords: corporate governance, cost of debt, Pakistan, India

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Ott, Julia Cathleen. "When Wall Street Met Main Street: The Quest for an Investors' Democracy and the Emergence of the Retail Investor in the United States, 1890–1930." Enterprise & Society 9, no. 4 (December 2008): 619–30. http://dx.doi.org/10.1017/s1467222700007564.

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“When Wall Street met Main Street” recovers the lost history of the American investor and locates the origins of conservative belief in the ability of laissez-faire financialmarkets to provide economic security and justice for all. Bond and stock marketing by the federal government, corporations, and the financial industry is analyzed alongside emerging investor-centered theories of political economy and the relevant debates over economic reform. As early twentieth century securities marketers and their ideological allies promoted investment, they wrestled with the meaning of citizenship and democracy under industrial corporate capitalism. The ideas and institutions examined in this study endured the Crash of 1929, shaping the parameters of New Deal securities market regulation and sustaining opposition to modern liberalism until the present day.

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Sumner, Scott. "The role of the international gold standard in commodity price deflation: Evidence from the 1929 stock market crash." Explorations in Economic History 29, no. 3 (July 1992): 290–317. http://dx.doi.org/10.1016/0014-4983(92)90040-4.

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McCoy, Garnett. "The Rise and Fall of the American Artists' Congress." Prospects 13 (October 1988): 325–40. http://dx.doi.org/10.1017/s0361233300005329.

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In the fall of 1929, just after the stock market crash but before its effects were widely felt, a group of radical artists and writers in New York established the John Reed Club, named after the already legendary journalist, poet, and revolutionary activist. The founders, some of them members of the Communist Party, some loosely associated with the party's cultural magazine New Masses, were committed but restless young men in search of a focus for their political energies. Soon after the club began, the artist members created an art school, organized exhibitions, and sponsored a lecture series and discussion groups with emphasis on the practice and theory of art and art history from a Marxist point of view. As the Depression deepened, with dire consequences to artists dependent on an art market in a state of collapse, the John Reed Club's approach attracted growing attention.

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McCoy, Garnett. "The Rise and Fall of the American Artists' Congress." Prospects 13 (October 1988): 325–40. http://dx.doi.org/10.1017/s0361233300006773.

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In the fall of 1929, just after the stock market crash but before its effects were widely felt, a group of radical artists and writers in New York established the John Reed Club, named after the already legendary journalist, poet, and revolutionary activist. The founders, some of them members of the Communist Party, some loosely associated with the party's cultural magazine New Masses, were committed but restless young men in search of a focus for their political energies. Soon after the club began, the artist members created an art school, organized exhibitions, and sponsored a lecture series and discussion groups with emphasis on the practice and theory of art and art history from a Marxist point of view. As the Depression deepened, with dire consequences to artists dependent on an art market in a state of collapse, the John Reed Club's approach attracted growing attention.

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Beaudreau, Bernard C. "Electrification, the Smoot-Hawley tariff bill and the stock market boom and crash of 1929: evidence from longitudinal data." Journal of Economics and Finance 42, no. 4 (November 30, 2017): 631–50. http://dx.doi.org/10.1007/s12197-017-9418-6.

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Datta, Y. "A Brief History of the American Middle Class." Journal of Economics and Public Finance 8, no. 3 (September 3, 2022): p127. http://dx.doi.org/10.22158/jepf.v8n3p127.

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The credit for the birth of the American middle class in 1914 goes to Henry Ford.Reckless speculation in the New York Stock Market led to the Great Depression of 1929: the longest and most severe depression ever experienced by America, that led to an amazing level of unemployment that lasted till 1939.Democrat Franklin D. Roosevelt, who was elected as President in 1933, instituted New Deal: a series of programs--the most important of which was the G.I. Bill.The baby boom, increasing consumer income, affordability of cars and homes--coupled with the new interstate highway system—all worked together, that then led to a mass migration of the middle class from the inner cities to suburbia.The years 1947-1973 are considered the golden years of America’s middle class: an age the U.S. will never experience again. The foundation of this goldilocks economy was the social covenant of shared prosperity between big business and big labor.The 1980-2008 period marks ‘America in decline’ largely because America took a sharp turn toward unfettered capitalism and greed.This led to a massive growth of the Financial Services Industry.Income inequality has steadily been increasing in America for 45 years from 1974-2018, and by 2007 it touched or exceeded the lofty heights of 1928.A socio-economic class lifestyle profile of America includes three groups: The Upper Class, The Middle Class, and The Lower Class, each with two classes, making it a total of six.Finally, a look into the forces that led to the stock market crash of 2008.

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Hernando, A., R. Hernando, A. Plastino, and E. Zambrano. "Memory-endowed US cities and their demographic interactions." Journal of The Royal Society Interface 12, no. 102 (January 2015): 20141185. http://dx.doi.org/10.1098/rsif.2014.1185.

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A quantitative understanding of cities' demographic dynamics is becoming a potentially useful tool for planning sustainable growth. The concomitant theory should reveal details of the cities' past and also of its interaction with nearby urban conglomerates for providing a reasonably complete picture. Using the exhaustive database of the Census Bureau in a time window of 170 years, we exhibit here empirical evidence for time and space correlations in the demographic dynamics of US counties, with a characteristic memory time of 25 years and typical distances of interaction of 200 km. These correlations are much larger than those observed in a European country (Spain), indicating more coherent evolution in US cities. We also measure the resilience of US cities to historical events, finding a demographical post-traumatic amnesia after wars (such as the American Civil War) or economic crisis (such as the 1929 Stock Market Crash).

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Mousset, Kilian, Jean-Nicolas Renaud, and Christian Vivier. "The Rise of Ping-Pong as a Sport in France (1932–1933)." Journal of Sport History 50, no. 1 (April 1, 2023): 48–67. http://dx.doi.org/10.5406/21558450.50.1.04.

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Abstract Following the 1929 stock market crash, the “fashionable” sport of ping-pong in France took advantage of the European crisis and international restructuring to recruit foreign players and promote the image of table tennis as a legitimate sport. During a period in which hygiene and eugenics were promoted through the practice of collective and orderly gymnastics, table tennis was a driving force behind a shift in French physical culture. Modern representations of sport are analyzed through the corporal values conveyed (speed and sweat), which contributed to the adoption of a more energetic lifestyle that was still uncommon in French physical culture. Moreover, the transformation of ping-pong into a sport between 1932 and 1933 was also visible in the display of the standardization of its equipment, the work of the written press, and manufacturers and retailers, even if the latter sometimes used it as a simple promotional technique.

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May, Lary. "Making the American Way: Moderne Theatres, Audiences, and The Film Industry 1929–1945." Prospects 12 (October 1987): 89–124. http://dx.doi.org/10.1017/s0361233300005548.

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Three years after the start of the Great Depression, and shortly after A Franklin Roosevelt assumed the presidency, Terry Ramsaye, editor of the motion picture industry's major trade journal, wrote an editorial entitled “New Deal, Superman and Today.” No doubt many readers thought the world had turned upside down. For years civic reformers had attacked the movies for incarnating the dangers of city life: consumption, class mixing, and a sexual revolution. Now Ramsaye assumed the critic's stance, seeing hard times as divine retribution for the industry's folly. Atop the editorial pulpit, he condemned the Hollywood producers as equal to the monopolists whose speculation and grandiose illusions brought about the stock market crash in 1929. Even more dangerous, film producers spread lavish ideals through the powerful medium of sound films, which were displayed in sumptuous theatres that corrupted public life. After three years of bankruptcies and theatre closings, Ramsaye saw a New Deal pointing the way toward business and cultural reform. Like an old-fashioned revivalist, he then exhorted Hollywood to shed the foreignstyled theatre and create models more in touch with national traditions, “more a part of the town and less something that was imposed by outside Supermen.”

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Waldinger, Albert. "Layers of Trauma: the Yiddish-Hebrew Fiction of Yosl Birshteyn (1920-2003)." Meta 52, no. 3 (November 21, 2007): 434–49. http://dx.doi.org/10.7202/016730ar.

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Abstract This article evaluates the function of Yiddish-Hebrew creative diglossia in the work of Yosl Birshteyn, a prominent Israeli novelist and short-story writer, particularly in the “first Kibbutz novel” in Yiddish, Hebrew-Yiddish fiction based on the Israeli stock market crash, and the future of Yiddishism in Hebrew and Yiddish. In short, Yiddish acts as a layer of all texts as a fact of communal pain and uncertainty in past, present and future. Birshteyn’s Hebrew originals were translated back into Yiddish and his Yiddish work was translated into Hebrew by famous and representative hands with stylistic and linguistic consequences examined here.

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Broberg, Oskar, and Anders Ögren. "Names, shares and mortgages: the formalisation of Swedish commercial bank lending, 1870–1938." Financial History Review 26, no. 1 (March 15, 2019): 81–108. http://dx.doi.org/10.1017/s0968565019000015.

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This article explores the process of the formalisation of the Swedish financial market, through an analysis of commercial bank lending in the late nineteenth and early twentieth century. The analysis shows that the incorporation of Swedish business around the turn of the century led to a shift from lending primarily backed by name security to an increased use of mortgage and shares as collateral – after the severe stock market crash in 1920/1 mortgage lending surpassed lending against shares as collateral. We interpret this change as an important part of the formalisation process of the financial system, as it standardised the valuation process and allowed creditors to exit on a secondary market. Our statistical testing points to increased financial wealth and liquidity represented by the broad money supply, plus population growth and urbanisation, as important forces behind this formalisation.

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Tara, Sharukh, and Sorab Sadri. "Corporate Governance and Risk Management: An Indian Perspective." International Journal of Management Science and Business Administration 1, no. 9 (2015): 33–39. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.19.1003.

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Companies need funds to finance their activities and as a result, there has been a need for accountability to protect the interests of those providing the funding. Companies are also managed by directors who act as agents of the shareholders. Under pressure to maximize wealth they are prone to excessive risk, reckless conduct or in extreme cases, blatant manipulation of accounting figures. The call for increased accountability grows louder every time there is a crisis in public confidence. Whether this is the stock market crash of 1929, for example, or the more recent high-profile collapses of a number of large firms such as Barings Bank, Enron Corporation and WorldCom, the resulting uncertainty has led to renewed interest in corporate governance practices. It is not only as a means of directing and controlling corporations but as a means of mitigating corporate risk. This paper bases on over a decade’s research attempts to shed some light on this topic based on the Indian experience. Paper tries to bring out the fact that there is a significant relationship between corporate governance and the management of risk and that corporate governance is one of the main means by which a company can manage risk.

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Detzen, Dominic. "A “New Deal” for the profession." Accounting, Auditing & Accountability Journal 31, no. 3 (March 19, 2018): 970–92. http://dx.doi.org/10.1108/aaaj-06-2016-2584.

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Purpose The purpose of this paper is to analyze how “New Deal” regulatory initiatives, primarily the Securities Acts and the Securities and Exchange Commission (SEC), changed US auditors’ professional knowledge conception, culminating in the 1938 expansion of the Committee on Accounting Procedure (CAP), the first US body to set accounting principles. Design/methodology/approach The paper combines Halliday’s (1985) knowledge mandates with Hancher and Moran’s (1989) regulatory space to attain a theory-based understanding of auditors’ changing knowledge conceptions amid regulatory pressure. It draws on a range of primary and secondary sources to examine the period from 1929 to 1938. Findings Following the stock market crash, the newly created SEC aimed to engage auditors as a means to regulate companies’ accounting practices based on a set of codified principles. While entailing increased status, this new role conflicted with the auditors’ knowledge conception, which was based on professional judgment and personal integrity. Pressure from the SEC and academics eventually made auditors agree to a codification of their professional knowledge and create the CAP as a cooperative regulatory solution. Originality/value The paper explores the role of auditors’ knowledge conceptions in the emergence of today’s standard setting. It is suggested that auditors’ incomplete control of their professional knowledge made standard setting a form of co-regulation, located between the actors occupying the regulatory space of accounting.

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Ng, Kenneth. "The Causes of the 1929 Stock Market Crash: A Speculative Orgy or a New Era? By Harold BiermanJr. Wesport, Ct: Greenwood Press, 1998. pp. xi, 161. $55.00." Journal of Economic History 59, no. 2 (June 1999): 548–49. http://dx.doi.org/10.1017/s0022050700023329.

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Craven, B. D., and Sardar M. N. Islam. "Stock Price Modeling: Separation of Trend and Fluctuations, and Implications." Review of Pacific Basin Financial Markets and Policies 18, no. 04 (December 2015): 1550027. http://dx.doi.org/10.1142/s0219091515500277.

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A series of stock prices typically shows a large trend and smaller fluctuations. These two parts are often studied together, as if parts of a single process; but they appear to be separately caused. In this paper, the two parts are analyzed separately, so that one does not distort the other, and some spurious interaction terms are avoided. This contributes a model, in which a wide range of features of stock price behavior are identified. With logarithms of stock prices, the two parts become of more comparable size. This is found to lead to a simpler additive model. On a logarithmic scale, the stock prices show the trend as a straight line (which can be extrapolated), with added fluctuations filling a narrow band. The trend and fluctuations are thus separated. The trend appears to be largely generated by a positive feedback process, describing investor behavior. The width of the fluctuation band does not grow with time, so positive feedback is not its cause. The movement of stock prices can be understood by analyzing the trend and fluctuations as separate processes; the latter considered as a stationary stochastic process with a scale factor. This analysis is applied to a historical dataset [Formula: see text] index of daily prices from February 1928). Here, the fluctuations are autocorrelated over short time intervals; there is little structure, except for market crash periods, when variability increases. The slope of the trend showed some jumps, not predictable from price history. This approach to modeling describes many aspects of stock price behavior, which are usually discussed in behavioral finance.

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Téllez Porcel, Hellen Claudia. "HISTORIA DE LOS MÉTODOS DE VALORACIÓN DE COMPAÑÍAS." Investigación & Negocios 13, no. 22 (November 3, 2020): 111. http://dx.doi.org/10.38147/invneg.v13i22.105.

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Este articulo trata de los intentos en la historia de valuar una compañía o valuar capitales desde el desarrollo de los mercados de acciones en el siglo XIX, hasta los últimos años del siglo XX. Periodo en el que se destacan dos hechos históricos que se constituyeron en catalizadores para el desarrollo de las técnicas de valuación de compañías. Se presenta una relación histórica del porque los inversionistas emplearon en determinado tiempo una u otra técnica, así se comienza con el análisis del rendimiento de dividendos que por la poca información disponible para su empleo no fue útil para enfrentar la Burbuja de los Mares del Sur, que como consecuencia hizo a los inversionistas más precavidos por lo que empezaron a emplear el valor libro para determinar la tenencia de activos de las compañías para respaldar sus paquetes accionarios. Por otra parte, el valor intrínseco fue discutido desde principios del surgimiento de los mercados de valores, sin embargo, se volvió a tocar con más fuerza después de la Burbuja de los mares del Sur y del crack de 1929. Finalmente, el método de flujos descontados se empezó a usar en 1960, pero no fue hasta la Burbuja Tecnológica de finales del siglo XX que cobro importancia como método para valuar compañías y realizar comparaciones de inversiones. ABSTRACT This article refers to attempts in history to value a company or to value capitals, from the development of the stock markets in the 19th century, until the last years of the 20th century. Period in which two historical events took place and became the catalysts for the development of company valuation techniques. A historical relationship is presented to know why investors used one or another technique at a certain time, beginning with the analysis of the dividend yield that due to the little information available for its use was not useful to face the South Sea Bubble, which as a consequence made investors more cautious so they began to use the book value to determine the holdings of companies’ assets to back their share packages. On the other hand, the intrinsic value was discussed since the beginning of the emergence of the stock markets, however it was played with more force after the South Sea Bubble and the crash of 1929. Finally, the discounted cash flow method began to be used in 1960, but it was not until the Technology Bubble of the late twentieth century that it gained importance as a method to value companies and make investment comparisons.

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Liebst, Lasse Suonperä, and Naja Buono Stamer. "Fallos og finanskrisen, eller, hvorfor Stein Bagger er en senkapitalistisk Urfader." Dansk Sociologi 22, no. 4 (November 30, 2011): 51–68. http://dx.doi.org/10.22439/dansoc.v22i4.3921.

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Med afsæt i Žižeks dialektiske psykoanalyse diskuterer artiklen, hvordan fyrede fag- og ufaglærte arbejdere ideologisk håndterer finanskrisens traumatiske rystelse af deres livssituation som forbrugere. Der peges på, hvordan arbejderne længes efter to potente Fædre, der begge inkarnerer et håb om, at der er en nydelsesmæssig vej ud af krisen: Således fantaserer arbejderne på overraskende vis dels om, at finansmanden Stein Bagger i kraft af sine finansielle perversioner har en særlig viden om, hvordan nydelsen i forbrugssamfundet igen bliver mulig. På afpolitiseret vis tilskrives Stein Bagger den handlekraft, som krisen har blotlagt, at de folkevalgte politikere mangler. I forlængelse af denne fantasmatiske afpolitisering peges der dels på, hvordan dele af arbejdernes ideologiske fantasmer balancerer på en ”proto-fascistisk æg” med forestillingen om en autoritær Fader-skikkelse, der på potent vis kan skære igennem demokratiets snakkerier og handlekraftigt forløse krisens nydelses-traume. Begge Fader-fantasmer – Stein Bagger og den proto-fascistiske Fader – kredser således ikke om, at denne eller hin syndebuk har taget nydelsen fra arbejderne, sådan som man kunne forvente erfaringen med Jødehadet efter børskrakket 1929 in mente. Modsat udtrykkes et fantasmatisk håb om, at Fader-skikkelserne har potensen til at give arbejderne nydelsen igen – og det uanfægtet af, om der må betales en politisk, demokratisk pris herfor. ENGELSK ABSTRACT: Lasse Suonperä Liebst and Naja Buono Stamer: Phallus and the Financial Crisis: Or, why Stein Bagger is a Primal Father of Late Capitalism Employing Žižek’s neo-Lacanian dialectical psychoanalysis, this article analyzes how unemployed, middle-aged, unskilled and skilled workers deal with the financial crisis as a traumatic shock to their life situation. The article concentrates on the workers’ perception of Stein Bagger, a major Danish swindler now behind bars. It points out that these workers are fantasizing, longing for two potent father figures who embody hope that there is a way out of the crisis and hence a path towards restoring enjoyment. Firstly, the article argues that these workers fantasize about how Bagger possesses specific knowledge about how enjoyment in consumer society becomes possible again – not despite of, but because of his financial perversions. Secondly, following this depoliticized fantasy, it is shown how parts of these workers’ fantasies balance on a ”proto-fascistic edge”. Paramount for the workers is the idea of an authoritarian father figure, who can cut through the political democratic ”chit-chatting” in a potent manner, and thereby forcefully resolve the current economic crisis. Thus, the workers’ ideological fantasies about Bagger do not cast him as a scapegoat, who has stolen enjoyment, something one might expect, drawing on the experience of the 1929 stock market crash and the subsequent hatred of the Jews. Instead, the workers express a hope that the father-figure will have the potency to restore enjoyment – and this remains the case even though there is a political democratic price to pay for it. Key words: Slavoj Žižek, dialectical psychoanalysis, the financial crisis, critique of ideology, consumer capitalism.

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Zhang, Ping, Jieying Gao, Yanbin Zhang, and Te-Wei Wang. "Dynamic Spillover Effects between the US Stock Volatility and China’s Stock Market Crash Risk: A TVP-VAR Approach." Mathematical Problems in Engineering 2021 (April 9, 2021): 1–12. http://dx.doi.org/10.1155/2021/6616577.

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Due to the increasing linkage of China and the US stock markets today, we constructed a TVP-VAR model to study the dynamic spillover effects between the US stock volatility and China’s stock market crash risk. We found dynamic spillover effects are constantly strengthening between US stock volatility and China’s stock market crash risk: when the US stock volatility increases, China’s stock market crash risk increases. In addition, the gradual improvement of financial market openness in China, the short-term capital outflow from China, and the depreciation of the RMB exchange rate will increase China’s stock market crash risk. And, the impacts of short-term capital outflow from China are more significant. Further, the increase in China’s stock market crash risk will lead to the decline of the US stock volatility, which may be due to the flight to quality.

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Peng, Zhen, and Changsheng Hu. "The Threshold Effect of Leveraged Trading on the Stock Price Crash Risk: Evidence from China." Entropy 22, no. 3 (February 26, 2020): 268. http://dx.doi.org/10.3390/e22030268.

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The stock price crash constitutes one part of the complexity in the stock market. We aim to verify the threshold effect of leveraged trading on the stock price crash risk from the perspective of feedback trading. We empirically demonstrate that leveraged trading has a threshold effect on the stock price crash risk on the basis of monthly data on leveraged trading in the Chinese stock market from January 2014 to December 2016. At a low leverage ratio, leveraged trading reduces the stock price crash risk; however, as the leverage ratio increases and exceeds a certain threshold, leveraged trading asymmetrically increases the stock price crash risk. These findings provide new insights in understanding the complexity in the Chinese stock market.

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Li, Yan, and Zhan Li. "Research on Monitoring Method of Stock Market Systematic Crash Based on Market Transaction Data." Journal of Organizational and End User Computing 35, no. 1 (June 1, 2023): 1–17. http://dx.doi.org/10.4018/joeuc.324062.

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Sharp rises and falls in stock prices have become increasingly frequent in recent years. Stock market crashes bring great risks to the stability of the securities markets. Using recurrence plot theory and a heuristic segmentation algorithm for detecting abrupt changes in nonlinear time series, this study investigates the problem of detecting abrupt endogenous structural changes before a stock market crash. Based on an analysis of crash events in 12 developed and 10 emerging countries and regions, the authors find the following: (1) The market laminar flow (LAM) value will fall greatly before a stock market crash; (2) the LAM sequence of the US stock market during the 2008 financial crisis presents a fractal-like self-similar structure, and blank bands appears in the recurrence plot, indicating a phase transition in the LAM sequence before the crash; and. (3) using a heuristic segmentation algorithm to detect abrupt changes in nonlinear time series, this study finds that before a crash, the endogenous structure of the market continuously experiences abnormal abrupt changes, and abnormal abrupt change time.

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Arianwuri, Fidya Gumilang, Sutrisno T, and Yeney Widya Prihatiningtyas. "PENGARUH STRATEGI BISNIS PERUSAHAAN DAN KOMPETISI PASAR EKUITAS TERHADAP RISIKO CRASH HARGA SAHAM DENGAN OVERVALUED EQUITIES SEBAGAI VARIABEL MEDIASI." Jurnal Reviu Akuntansi dan Keuangan 7, no. 1 (December 19, 2017): 963. http://dx.doi.org/10.22219/jrak.v7i1.10.

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Business Strategy, Equity Market Competition, Overvalued Equities, and Stock Price CrashRisk. The purpose of this research is to examine the influence of prospector business strategyand defender business strategy, equity market competition, and indirect effect of prospectorbusiness strategy on stock price crash risk through ovevalued equities. The sample of thisresearch are 192 companies that are divided into 96 prospector business strategy and 96 defender business strategy during 2010-2016. This study uses a secondary data from financialreport, number of investor, and stock price information. Which is obtained from the officialwebsite of IDX, KSEI and yahoo finance. The results of this study indicate that the prospectorbusiness strategy effect on the stock price crash risk, while the defender business strategy doesnot affect on stock price crash risk. The equity market competition is proven to reduce the stockprice crash risk. The existence of a prospector business strategy will tend to overvalued equitieswhich in turn, increase stock price crash risk.Ke ywords: defender business strategy, equity market competition, overvalued equities, prospector business strategy, stock price crash risk

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Mitchell, Mark L., and Jeffry M. Netter. "Triggering the 1987 stock market crash." Journal of Financial Economics 24, no. 1 (September 1989): 37–68. http://dx.doi.org/10.1016/0304-405x(89)90071-8.

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Schwartz, Anna J. "The 1987 US Stock Market Crash." Economic Affairs 8, no. 3 (February 1988): 7–10. http://dx.doi.org/10.1111/j.1468-0270.1988.tb01542.x.

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Limmack, R. J., and C. W. R. Ward. "The October 1987 stock market crash." Journal of Banking & Finance 14, no. 2-3 (August 1990): 273–89. http://dx.doi.org/10.1016/0378-4266(90)90050-c.

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Journal articles on the topic 'Stock Market Crash, 1929'

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