The stock market bubble of 1929: evidence from closed-end mutual funds
De Long, J. Bradford
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CitationDe Long, J. Bradford, and Andrei Shleifer. 1991. The Stock Market Bubble of 1929: Evidence from Closed-End Mutual Funds. The Journal of Economic History 51, no. 3: 675. doi:10.1017/s0022050700039619.
AbstractThe sharp rise and subsequent crash of stock prices in 1929 is perhaps the most striking episode in the history of American financial markets. The nominal S & P composite index rose sixty-four percent from January 1928 to September 1929, fell thirty-three percent from September 1929 to December 1929, recovered about halfway to its 1929 peak, and then fell again to a low point in the summer of 1932 sixty-six percent below its December 1929 level and seventy-seven percent below its September 1929 average (see figure 1).
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