Exuberance in British share prices during the railway mania of the 1840s: Evidence from the Phillips, Shi and Yu Test

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dc.contributor.authorOxley, Lesen_NZ
dc.contributor.authorHu, Yangen_NZ
dc.date.accessioned2017-11-21T00:01:11Z
dc.date.available2017-04en_NZ
dc.date.available2017-11-21T00:01:11Z
dc.date.issued2017-04en_NZ
dc.description.abstractIn this study, we empirically investigate evidence of explosive behaviour in the British share prices of canals, railways and waterworks in the nineteenth century using the right-tailed unit root test of Phillips, Shi and Yu (2015, PSY). Of particular interest to the Railway Mania in the 1840s, our results provide evidence of exuberance in share prices of railways during the most remarkable events in history. In addition, we find signs of exuberance in canals and waterworks share prices. Our findings will be of great interest to both economic historians and scholars who are interested in the rage of speculation in historical share prices during the Railway Mania
dc.format.mimetypeapplication/pdf
dc.identifier.citationOxley, L., & Hu, Y. (2017). Exuberance in British share prices during the railway mania of the 1840s: Evidence from the Phillips, Shi and Yu Test (Department of Economics Working Paper Series). Waikato Management School, the University of Waikato.en
dc.identifier.urihttps://hdl.handle.net/10289/11500
dc.language.isoen
dc.publisherWaikato Management School, the University of Waikatoen_NZ
dc.relation.ispartofseriesDepartment of Economics Working Paper Series
dc.rights© 2017 The Authors
dc.subjectexplosive behaviour
dc.subjectexuberance
dc.subjectgeneralized sup ADF test
dc.subjectrailway mania
dc.titleExuberance in British share prices during the railway mania of the 1840s: Evidence from the Phillips, Shi and Yu Testen_NZ
dc.typeWorking Paper
dspace.entity.typePublication
pubs.confidentialfalseen_NZ
pubs.publisher-urlftp://wms-webprod1.mngt.waikato.ac.nz/RePEc/wai/econwp/1709.pdfen_NZ
uow.relation.series17/09

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