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Actif sous-jacent et produits dérivés financiers de la Compagnie des Mers du Sud. La rationalité de la bulle reconsidérée

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  • Nesrine Bentemessek Kahia

Abstract

The systematically dualist analysis of speculative bubbles is not sufficient to capture the differences in investors behavior according to whether they operate in the underlying asset market or the derivatives market. This is particularly well evidenced in the South Sea Bubble study. In this article, we show that in spite of the rational pricing of the South Sea Company?s subscription shares as call options, the valuation of the underlying asset, (i.e.) the South Sea Share, did suffer from a confusion regarding future public debt restructuring revenues. Classification JEL : G12, G13, G14, N23

Suggested Citation

  • Nesrine Bentemessek Kahia, 2014. "Actif sous-jacent et produits dérivés financiers de la Compagnie des Mers du Sud. La rationalité de la bulle reconsidérée," Revue économique, Presses de Sciences-Po, vol. 65(5), pages 781-803.
    • Handle: RePEc:cai:recosp:reco_655_0781
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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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