Stock Volatility and the Great Depression
NBER Working Paper No. 23554
---- Acknowledgments ----
We are grateful to Asaf Bernstein, Charles Calomiris, Joseph Davis, Will Goetzmann, Chris Hanes, Gabriel Mathy, Larry Neal, Kim Oosterlinck, George Pennacchi, Aris Protopapadakis, Gary Richardson, Will Roberds, Minchul Shin, Vernon Smith, Ellis Tallman, John Turner, Angela Vossmeyer, and seminar participants at Federal Reserve Bank of Atlanta/Emory University, University of Illinois, and Chapman University for helpful suggestions. We thank John Graham and Mark Leary for kindly providing leverage data. Remaining errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.