The Stock Exchanges of London, Paris, and New York. A Comparison.

GIBSON (George Rutledge).

The Stock Exchanges of London, Paris, and New York. A Comparison.

THE EFFICIENT-MARKET HYPOTHESIS

First edition. 8vo. viii, 125, [1, blank] pp. Original publisher’s half calf with marbled paper covered boards, spine with five raised bands outlined in gilt, second and third panels lettered in gilt, the rest with gilt fleuron’s, marbled endpapers, marbled edges (‘G.P. Putman’s Sons’ binders stamp to front flyleaf, contents faintly toned, just a hint of minor spotting to endpapers, otherwise unmarked; extremities somewhat rubbed and bumped, a very good copy). New York, G.P. Putman’s Sons, 1889.

£2,000.00

GIBSON (George Rutledge).

The Stock Exchanges of London, Paris, and New York. A Comparison.

An important milestone in the history of financial economic thought, containing what is now recognised as the earliest explicit statement of the ‘efficient-market hypothesis’, that is, the idea that financial markets reflect all available information at any given time.

Buried within an otherwise generally unsurprising comparative analysis of the stock markets of London, Paris, and New York, we find the statement in a discussion of the property market: “… when these shares become publicly known in an open market, the value which they there acquire may be regarded as the judgement of the best intelligence concerning them” (p. 11).

The widely-contested concept has a long theoretical background, but the modern treatment of the idea is most closely associated with the Nobel Prize-wining economists Paul A. Samuelson and Eugene Fama.

Dennistoun, Bubbles, Booms and Busts, 457.

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The Stock Exchanges of London, Paris, and New York. A Comparison.

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