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


Frey, Bruno S; Kucher, Marcel (2000). History as Reflected in Capital Markets: The Case of World War II. Journal of Economic History, 60(02):468-496.

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<jats:italic>not</jats:italic>reflected in bond prices, most prominently Germany's capitulation in 1945.

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<jats:italic>not</jats:italic>reflected in bond prices, most prominently Germany's capitulation in 1945.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:National licences > 142-005
Dewey Decimal Classification:330 Economics
Language:English
Date:1 June 2000
Deposited On:01 Nov 2018 14:08
Last Modified:04 Nov 2018 21:41
Publisher:Cambridge University Press
ISSN:0022-0507
OA Status:Green
Publisher DOI:https://doi.org/10.1017/s0022050700025183
Related URLs:https://www.swissbib.ch/Search/Results?lookfor=nationallicencecambridge101017S0022050700025183 (Library Catalogue)

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