• Exotic Derivatives
    • “After examining certain features peculiar to India bonds overlooked by previous authors, we make it clear not only that 18th century investors were already proficient in international arbitraging, as Neal indicates, but also that they were capable of handling sophisticated options…”
  • Trading Options Before Black-Scholes
    • “He informed his readership that the purchaser of an option ‘for a small hazard, can have his chance for a very great Gain, and he will certainly know the utmost his loss can be’. But he also warned those considering selling options that they ran a very great risk for only a small potential profit.”
  • Liquidity: WWI
    • “This paper examines how financial markets responded to the longest circuit breaker in American financial history: the four-month suspension of trading on the New York Stock Exchange following the outbreak of World War I. The suspension that began on July 31, 1914 fostered a substitute trading forum called the New Street market.”
  • Regulation of US Financial Markets Since 1789
    • “Our founding fathers fragmented authority over financial markets between federal and state governments. That legacy survives today, complicating efforts to create a financial system that can function effectively during the twenty-first century.”

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