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- Title
Dispelling the Myth of the Naive Investor during the British Railway Mania, 1845-1846.
- Authors
Campbell, Gareth; Turner, John D.
- Abstract
Anecdotal evidence from the British Railway Mania and other historical financial bubbles suggests that many investors during such episodes are naive, thus contributing to the asset price boom. Using extensive investor records, we find that very few investors during the Railway Mania can be categorized as such. Although some interpretations of the Mania suggest that naive investors were expropriated by railway insiders, our evidence is inconsistent with this view as railway insiders contributed substantial amounts of capital, and their investments performed no better than those made by other experienced investors.
- Subjects
UNITED Kingdom; INVESTORS; ECONOMIC bubbles; DECISION making in investments; STOCKHOLDERS; RAILROAD companies; GREAT Western Railway (Great Britain); RAILROADS; HISTORY of railroads; ECONOMIC conditions in Great Britain -- 19th century
- Publication
Business History Review, 2012, Vol 86, Issue 1, p3
- ISSN
0007-6805
- Publication type
Article
- DOI
10.1017/S0007680512000025