Texas treasury notes and market manipulation, 1837-1842 |
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Authors: | Gary M Pecquet Clifford F Thies |
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Institution: | Byrd School of Business, Shenandoah University, 1640 University Drive, Winchester, VA 22601, USA |
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Abstract: | This paper examines the course of the value of the paper money issued by the Republic of Texas in New Orleans, from 1837 to 1842, using a newly-constructed weekly time series of quotations, and focusing on the possibility of market manipulation. Specifically, during 1841, misleading information concerning a possible foreign loan reached New Orleans three different times. The first time, the information substantially raised the value of Texas Treasury Notes. The second time, the information raised the value, but to a lesser extent. The third time, the information had no impact. |
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Keywords: | Republic of Texas New Orleans markets Red backs Texas treasury notes French loan Sam Houston Lamar Tax backing Market manipulation Misinformation Misinformation modeling Repudiation Medium of exchange |
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