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Investment Trust Pricing and the Stock Market Crash of 1929

Summary:
My colleagues David Thomas, James Mcclure, and I have revised our paper "Efficient Derivative Pricing and Sequestered Capital: The Case of Investment Trust Pricing in 1929" once again and a new version is now available on SSRN. We present evidence that undermines one of the heretofore best cases for the belief that irrational, speculative bubbles were an important cause of the 1929 stock market crash.

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My colleagues David Thomas, James Mcclure, and I have revised our paper "Efficient Derivative Pricing and Sequestered Capital: The Case of Investment Trust Pricing in 1929" once again and a new version is now available on SSRN.

We present evidence that undermines one of the heretofore best cases for the belief that irrational, speculative bubbles were an important cause of the 1929 stock market crash.

Steve Horwitz
Steven "Steve" Horwitz (born 7 February 1964) is an American economist of the Austrian School. Horwitz was born in Detroit, Michigan to Ronald and Carol Horwitz. He was raised in Oak Park, Michigan and graduated from Berkley High School in Berkley, Michigan in 1981. He graduated cum laude with an A.B. in Economics and Philosophy from the University of Michigan in 1985, where he was also active with several libertarian student groups and where he wrote and performed with the Sunday Funnies/Comedy Company sketch comedy group.

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