NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Testing Asset Pricing Theory on Six Hundred Years of Stock Returns: Prices and Dividends for the Bazacle Company from 1372 to 1946

David le Bris, William N. Goetzmann, Sébastien Pouget

NBER Working Paper No. 20199
Issued in June 2014

---- Acknowledgements -----

We would like to thank Bruno Biais, Chloé Bonnet, Claude Denjean, René Garcia, José Miguel Gaspar, Alex Guembel, Pierre-Cyrille Hautcœur, Christian Julliard, Ralph Koijen, Augustin Landier, Laurence Lescourret, Junye Li, Patrice Poncet, Jean-Laurent Rosenthal, Sandrine Victor, Maxime Wavasseur and especially Marianne Andries and Nour Meddahi, as well as seminar and conference participants at the Toulouse School of Economics, the CIFAR-IAST conference, UC Irvine, HEC, ESSEC, and Casa de Velazquez - Madrid for helpful comments and suggestions. We also wish to thank Geneviéve Douillard and Daniel Rigaud, from the Archives Départementales de la Haute-Garonne, for her help in finding and reading original documents. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for William N. Goetzmann -----

I serve on the board of Sarah Lawrence College

During part of the period this was written I served on the board of Commonfund, a non-profit investment manager for universities and endowments.

---- Disclosure of Financial Relationships for Sébastien Pouget -----

Sebastien Pouget is a research director at IDEI and is funded by the center for sustainable finance and responsible investments (Chaire FDIR).

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