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Primary Article

The Reasons Stocks Crashed in 1929

Harold. Bierman
The Journal of Investing Spring 1999, 8 (1) 11-18; DOI: https://doi.org/10.3905/joi.1999.319384
Harold. Bierman Jr
The Nicholas H. Noyes Professor of Business Administration, The Johnson Graduate School of Management, Cornell University, and Visiting Professor at Cambridge University.
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Abstract

The author discusses important causes of the 1929 stock market crash. The first was excessive attempts by important people and the media to stop stock market speculators. Without this, there would probably not have been a crash (although likely some decline). The second cause was the great expansion of investment trusts, public utility holding companies, and the amount of margin buying, all of which fueled the purchase of public utility stocks and drove up their prices. Public utilities, utility holding companies, and investment trusts were all highly levered, using large amounts of debt and preferred stock.

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The Journal of Investing
Vol. 8, Issue 1
Spring 1999
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The Reasons Stocks Crashed in 1929
Harold. Bierman
The Journal of Investing Feb 1999, 8 (1) 11-18; DOI: 10.3905/joi.1999.319384

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The Reasons Stocks Crashed in 1929
Harold. Bierman
The Journal of Investing Feb 1999, 8 (1) 11-18; DOI: 10.3905/joi.1999.319384
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  • Deep-Value Investing, Fundamental Risks, and the Margin of Safety
  • Black Swans and Market Timing
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