The first crash Dale, Richard
2004., 20140424, 2014, 2004, 2005-01-01
eBook
For nearly three centuries the spectacular rise and fall of the South Sea Company has gripped the public imagination as the most graphic warning to investors of the dangers of unbridled speculation. ...Yet history repeats itself and the same elemental forces that drove up the price of South Sea shares to dizzying heights in 1720 have in recent years produced the global crash of 1987, the Japanese stock market bubble of the 1980s/90s, and the international dot.com boom of the 1990s.
The First Crashthrows light on the current debate about investor rationality by re-examining the story of the South Sea Bubble from the standpoint of investors and commentators during and preceding the fateful Bubble year. In absorbing prose, Richard Dale describes the trading techniques of London's Exchange Alley (which included 'modern' transactions such as derivatives) and uses new data, as well as the hitherto neglected writings of a brilliant contemporary financial analyst, to show how investors lost their bearings during the Bubble period in much the same way as during the dot.com boom.
The events of 1720, as presented here, offer insights into the nature of financial markets that, being independent of place and time, deserve to be considered by today's investors everywhere. This book is therefore aimed at all those with an interest in the behavior of stock markets.
ABSTRACT We report on the discovery and timing observations of 29 distant long-period pulsars found in the ongoing Arecibo L-band Feed Array pulsar survey. Following discovery with the Arecibo ...Telescope, confirmation and timing observations of these pulsars over several years at Jodrell Bank Observatory have yielded high-precision positions and measurements of rotation and radiation properties. We have used multi-frequency data to measure the interstellar scattering properties of some of these pulsars. Most of the pulsars have properties that mirror those of the previously known pulsar population, although four show some notable characteristics. PSRs J1907+0631 and J1925+1720 are young and are associated with supernova remnants or plerionic nebulae: J1907+0631 lies close to the center of SNR G40.5−0.5, while J1925+1720 is coincident with a high-energy Fermi γ-ray source. One pulsar, J1932+1500, is in a surprisingly eccentric, 199 day binary orbit with a companion having a minimum mass of 0.33 M . Several of the sources exhibit timing noise, and two, PSRs J0611+1436 and J1907+0631, have both suffered large glitches, but with very different post-glitch rotation properties. In particular, the rotational period of PSR J0611+1436 will not recover to its pre-glitch value for about 12 years, a far greater recovery timescale than seen following any other large glitches.
The London Assurance Company (LA), which incorporated during the bubble of 1720, experienced more dramatic price movements in its shares than the South Sea Company. This paper examines how ...incorporating during the bubble affected its long run performance. We show that the bubble in the Company's share price was partly attributable to changes in market structure during the share issuance process. As a result of the bubble, the Company's original subscribers, who had been curated for expertise and political connections, overwhelmingly exited during 1720 and were replaced by unsuccessful speculators. Analysis of LA shareholder behaviour up to 1737 suggests that this loss of shareholder expertise had detrimental consequences for the Company's performance. These results demonstrate how a bubble in the shares of a newly created company can lead to an exodus of value‐adding investors, damaging the company's long‐term prospects.
The South Sea Bubble Paul, Helen
2011, 20100913, 2010, 2010-09-13, 20110101, Letnik:
49
eBook
The book is an economic history of the South Sea Bubble. It combines economic theory and quantitative analysis with historical evidence in order to provide a rounded account. It brings together ...scholarship from a variety of different fields to update the existing historical work on the Bubble. Up until now, economic history research has not been integrated into mainstream histories of 1720. Technical work on share prices and ledgers has been inaccessible to a wider audience. As well as providing new evidence against the gambling mania argument, the book also interprets the existing economic history scholarship for non-specialists.
Helen Paul is Research Fellow in Economics at the University of Southampton, UK.
1. Introduction 2. The history of the South Sea Company 3. The functioning of the market 4. Investment in the South Sea Company 5. The Aftermath 6. Conclusion
Sirtuins are NAD+‐dependent protein deacetylases that regulate metabolism and aging processes and are considered to be attractive therapeutic targets. Most available sirtuin modulators are little ...understood mechanistically, hindering their improvement. SRT1720 was initially described as an activator of human Sirt1, but it also potently inhibits human Sirt3. Here, the molecular mechanism of the inhibition of Sirt3 by SRT1720 is described. A crystal structure of Sirt3 in complex with SRT1720 and an NAD+ analogue reveals that the compound partially occupies the acetyl‐Lys binding site, thus explaining the reported competition with the peptide substrate. The compound packs against a hydrophobic protein patch and binds with its opposite surface to the NAD+ nicotinamide, resulting in an exceptionally tight sandwich‐like interaction. The observed arrangement rationalizes the uncompetitive inhibition with NAD+, and binding measurements confirm that the nicotinamide moiety of NAD+ supports inhibitor binding. Consistently, no inhibitor is bound in a second crystal structure of Sirt3 that was solved complexed with ADP‐ribose and crystallized in the presence of SRT1720. These results reveal a novel sirtuin inhibitor binding site and mechanism, and provide a structural basis for compound improvement.
Abstract
This article examines how two Jesuit astronomers made use of a rare celestial phenomenon in attempts at winning the favor of intellectual and ruling élites outside of Catholic regions. The ...Heidelberg professor Christian Mayer (1719-83) went to Saint Petersburg, where he observed the transit of Venus in 1769 from the observatory of the prestigious Imperial Academy of Sciences. The imperial and royal astronomer of Vienna, Maximilian Hell (1720-92) went to Vardø in northeastern Norway, where he built a small observatory and successfully observed the same transit. The scientific works they published under the auspices of the leading scientific academies in Orthodox Russia and Lutheran Denmark-Norway are analyzed as examples of missionary texts, in an enlarged sense of the word.
This volume offers the critical edition and an English translation of the oldest translation of the Pentateuch into Western Karaim copied in 1720 by Simcha ben Chananel (died 1723). The manuscript ...was compared against several other Karaim translations of the Torah as well as with the standard text of the Hebrew Bible. The author provides a description of the manuscript’s language and an outline of the history of Western Karaim translations of the Torah to better understand the its philological and historical background.
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