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Kontakt
Katja Pohle
Telefon: +49 345 55-21422
Telefax: +49 345 55-27404
presse@uni-halle.de
Universitätsplatz 8/9
06108 Halle
FÄLLT AUS! Saumitra Jha: Markets under Siege - How Political Beliefs Move Financial Markets
| Termin |
Donnerstag, 12. Dezember 2024, 18.00 - 19.30 Uhr |
|---|---|
| Veranstaltungsart | Workshop/Seminar |
| Reihe | Forschungsseminar "Economic History, Growth & Development" |
| Einrichtung | Wirtschaftswissenschaftlicher Bereich |
| Veranstalter | Lehrstuhl Prof. Dr. Lars Börner |
| Veranstaltungsort | Wirtschaftswissenschaften, Seminarraum I |
| Straße | Große Steinstraße 73 |
| PLZ/Ort | 06108 Halle (Saale) |
Beschreibung
Abstract:
Can political beliefs, particularly about benefits of war versus peace, move thick financial markets? We document that following an unlikely victory by French citizen-soldiers during the Prussian Siege of Paris (1870), prices of the highly liquid French sovereign bond diverged substantially and persistently there versus elsewhere. While France resisted, Parisian prices were higher and responded more to war events. However after the ceasefire, price differences reversed dramatically until peace terms were revealed. Difficult to reconcile otherwise, these patterns match the predictions of a simple model with different political beliefs in Paris and elsewhere about the benefits of war versus peace.
Presenter: Prof. Saumitra Jha, PhD (Stanford Graduate School of Business)