De Long, J. BradfordShleifer, Andrei2017-03-081991De 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/s0022050700039619.0022-0507http://nrs.harvard.edu/urn-3:HUL.InstRepos:30703980The 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).en-USJournal Article2017-03-0810.1017/S0022050700039619