Collaborative Research: How the First Emerging Market Re-Emerged After Financial Collapse

该项目旨在通过关注实际购买股票并因此做出投资组合决策的个人，扩大我们对1720年南海泡沫（现代资本主义的第一次重大金融危机）周围年份的理解。我们详细考察了股票市场参与者在南海公司财务崩溃之前，期间，特别是之后的反应。为此，我们利用我们已经收集到的数据（NSF 99-11270），并继续收集和编码在伦敦市场上持有这些资产的所有个人在1720年危机之前，期间和之后的主要金融资产的持有和转移。我们重建了南海公司在1723年重组后的股票转让，以及英格兰银行、东印度公司（两者都与南海公司争夺投资者）、皇家非洲公司（与南海公司互补）和哈德逊湾公司（完全退出行动）的股票转让。然后，结合所有四个来源，我们确定了所有股东如何应对南海公司在两个竞争公司，一个互补公司和一个不确定公司中的壮观兴衰。我们对这些资产分布变化的研究，特别是在1721年至1730年期间，是对重大金融崩溃后第一个新兴市场中市场参与者对金融风险重新分配的深入分析。对我们来说，特别有趣的是泡沫前后交易活动的对比，以及我们观察到的专业交易员活动的变化，以及日益多样化的消费者群体所扮演的角色。分析当时不受监管和免税的股票市场中个人行为的这些变化，有助于我们理解金融市场是如何从系统性冲击中恢复过来的。

This project seeks to expand our understanding of the years surrounding the South Sea Bubble of 1720, the first great financial crisis of modern capitalism, by focusing on the individuals who actually purchased shares and thus made portfolio decisions. We examine in detail the responses of stock market participants before, during, and especially after the financial collapse of the South Sea Company. To do this, we exploit data we have already collected (NSF 99-11270) and continue to collect and encode on the holdings and transfers of the major financial assets available in the London market among all individuals who held these assets before, during, and after the crisis of 1720. We reconstruct the transfers of stock holdings in the South Sea Company itself after its reorganization in 1723, as well as in the Bank of England, the East India Company (both competing with the South Sea Company for investors), the Royal African Company (complementary to the South Sea Company), and the Hudson's Bay Company (completely removed from the action). Combining all four sources, then, we determine how all stockholders responded to the spectacular rise and fall of the South Sea Company in two competing companies, a complementary company, and a noncommittal company.Our examination of the changes that took place in the distribution of these assets, especially in the period 1721 to 1730, is an intensive analysis of the reallocation of financial risk by market participants in the first emerging market after a major financial collapse. Especially interesting to us are contrasts in trading activity between the pre- and post-bubble periods and the changes we observe in activity by specialized traders as well as the role played by the increasingly diverse consumer base. Analyzing these changes in individual behavior within the unregulated and untaxed stock market of the time helps us understand how financial markets recover from systemic shocks.