• Centuries of Returns
    • “We combine annual stock market data for the most important equity markets of the last four centuries: the Netherlands/U.K. (1629-1812), U.K. (1813-1870) and U.S. 1871-2015). We show that dividend yields are stationary and consistently forecast returns.”
  • Debtor’s Prison
    • “The debtors’ prison is a frequent historical bogeyman, a Dickensian symptom of the illogical cruelty of the past that disappeared with enlightened capitalism. As imprisoning someone who could not afford to pay their debts, keeping them away from work and family, seems futile it is assumed creditors were doing so to satisfy petty revenge.”
  • Ben Franklin’s Ideology
    • “In my paper I intend to examine the early American business ideology (and business practices) of Benjamin Franklin by examining writings such as his Autobiography, The Way to Wealth, Advice to a Young Tradesman, etc. This study illustrates not only a success story of an early American entrepreneur, based on his work ethic of industry, thrift, and rationality, but also the origin of business ideology which promoted American industrialization.”

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