TY  - JOUR
AU  - White,Eugene N.
TI  - Anticipating the Stock Market Crash of 1929: The View from the Floor of the Stock Exchange
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12661
PY  - 2006
Y2  - November 2006
UR  - http://www.nber.org/papers/w12661
L1  - http://www.nber.org/papers/w12661.pdf
N1  - Author contact info:
Eugene N. White
Department of Economics
Rutgers University
75 Hamilton Street
New Brunswick, NJ 08901-1248
Tel: 732-932-7363
Fax: 732/932-7416
E-Mail: white@economics.rutgers.edu
AB  - In the months prior to the stock market crash of 1929, the price of a seat on the New York Stock Exchange was abnormally low.  Rising stock prices and volume should have driven up seat prices during the boom of 1929; instead there were negative cumulative abnormal returns to seats of approximately 20 percent in the months just before the crash.  At the same time, trading nearly ceased in the thin markets for seats on the regional exchanges.  Brokers appear thus to have anticipated the October 1929 crash, although investors in the market apparently did not recognize this information.
ER  -