• Ancient Arbitrage
    • “This article discusses the history of arbitrage from ancient times until the beginning of the twentieth century. Opportunities for arbitrage trading in ancient times are related to the movement of goods over distance. The key role of the bill of exchange in arbitrage trading during the Middle Ages is identified and the connection to ‘arbitration of exchange’ discussed.”
  • Exchange-Traded Derivatives
    • “This paper discusses the history of exchange traded derivative security contracts from initial trade in transferable forward contracts during the 16th century until the emergence of active trading in financial derivatives in the early 1970’s.”
  • The Origins of High-Tech Venture Investing in America
    • “The United States has developed an unparalleled environment for the provision of high-tech investment finance. Today it is reflected in the strength of agglomeration economies in Silicon Valley, but historically its origins lay in the East Coast. Notably, immediate post-WWII efforts to establish the American Research and Development Corporation created a precedent for “long-tail” high-tech investing. This approach became institutionalized in the United States over subsequent decades in a way that has been difficult to replicate in other countries. The role of history helps to explain why.”
  • Child-Backed Securities
    • “The flat-rate prices gave near-market yields on adults around the age of 50. Older adults were discriminated against by the flat-rate prices. To earn a higher yield, annuities had to be bought on the lives of children. There was no legal restriction on naming third parties as contingent lives.”
  • Long-Term Global Market Correlations
    • “In this paper we examine the correlation structure of the major world equity markets over 150 years. We find that correlations vary considerably through time and are highest during periods of economic and financial integration such as the late 19th and 20th centuries. Our analysis suggests that the diversification benefits to global investing are not constant, and that they are currently low compared to the rest of capital market history.”

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