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Contribution Details

Type Working Paper
Scope Discipline-based scholarship
Title History as Reflected in Capital Markets: The Case of World War II
Organization Unit
  • Bruno Frey
  • Marcel Kucher
  • English
Institution University of Zurich
Series Name Working paper series / Institute for Empirical Research in Economics
Number No. 2
ISSN 1424-0459
Date 1999
Abstract Text "Historical events are reflected in asset prices. Looking at government bond prices of five European countries traded on the Swiss stock exchange during WWII provides a useful way of interpreting the importance attributed to various war events. We direct our attention to value changes in government bonds of five different nations: On the side of the Axis, Germany and Austria; on the side of the Allies, France; and the two neutral countries Belgium and Switzerland. The econometric analysis reveals that some events that are generally considered crucial are clearly reflected in government bond prices of the countries considered. This holds, in particular, for the official outbreak of the war in July to September 1939 (which sent down the government bond values not only of Austria, Belgium and France but also of Germany) and for losses and gains of national sovereignty."
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