The Panic of 1907; Lessons Learned from the Market's Perfect Storm

Bruner, Robert F., and Carr, Sean D.

ISBN 10: 047015263X / ISBN 13: 9780470152638

Editore: John Wiley & Sons, Inc, Hoboken, NJ, 2007

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xiii, [1], 258 pages. Illustrations. Occasional footnotes. Appendix A: Key Figures after the Panic. Appendix B: Definitions. References. Notes. Index. Robert F. Bruner is University Professor at the University of Virginia, Distinguished Professor of Business Administration, and Dean Emeritus of the Darden School of Business. He has won numerous teaching awards. As a financial economist, Bruner is best known for his research on mergers and acquisitions, corporate finance and financial panics. His books include Deals from Hell, Applied Mergers and Acquisitions and The Panic of 1907: Lessons Learned from the Market's Perfect Storm. The last title, co-authored with Sean D.Carr, was published in 2007 and attracted attention for its discussion of the underpinnings of financial crises. Over a dozen index entries under Theodore Roosevelt. The Panic of 1907 - also known as the Knickerbocker Crisis - was a financial crisis that took place over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes included a retraction of market liquidity by a number of banks and a loss of confidence among depositors. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company-New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks.

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Dati bibliografici

• Titolo: The Panic of 1907; Lessons Learned from the Market's Perfect Storm
• Editore: John Wiley & Sons, Inc, Hoboken, NJ
• Data di pubblicazione: 2007
• Lingua: Inglese
• ISBN 10: 047015263X
• ISBN 13: 9780470152638
• Rilegatura: Hardcover
• Edizione: Later printing.
• Condizione: Very good
• Condizione della sovraccoperta: Very good
• Cataloghi dei venditori:
  • Theodore Roosevelt

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Riassunto

"Before reading The Panic of 1907, the year 1907 seemed like a long time ago and a different world. The authors, however, bring this story alive in a fast-moving book, and the reader sees how events of that time are very relevant for today's financial world. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis."
—Dwight B. Crane, Baker Foundation Professor, Harvard Business School

"Bruner and Carr provide a thorough, masterly, and highly readable account of the 1907 crisis and its management by the great private banker J. P. Morgan. Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability. We still have financial problems. But because of 1907 and Morgan, a century later we have a respected central bank as well as greater confidence in our money and our banks than our great-grandparents had in theirs."
—Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, Stern School of Business, New York University

"A fascinating portrayal of the events and personalities of the crisis and panic of 1907. Lessons learned and parallels to the present have great relevance. Crises and panics are as much a part of our future as our past."
—John Strangfeld, Vice Chairman, Prudential Financial

"Who would have thought that a hundred years after the Panic of 1907 so much remained to be written about it? Bruner and Carr break significant new ground because they are willing to do the heavy lifting of combing through massive archival material to identify and weave together important facts. Their book will be of interest not only to banking theorists and financial historians, but also to business school and economics students, for its rare ability to teach so clearly why and how a panic unfolds."
—Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University, Graduate School of Business

Informazioni sull?autore

Robert F. Bruner is the Dean of the Darden Graduate School of Business Administration and Charles C. Abbott Professor of Business Administration at the University of Virginia. He is the author or coauthor of more than 400 case studies and notes as well as the author of two other Wiley titles, Applied Mergers and Acquisitions andDeals from Hell. Bruner specializes in the areas of corporate finance, mergers and acquisitions, and investing in emerging markets. Bruner holds a BA from Yale University and an MBA and DBA from Harvard University.

Sean D. Carr is the Director of Corporate Innovation Programs at the Darden School's Batten Institute, University of Virginia. His applied research in new ventures and corporate finance has been published in numerous award-winning case studies, books, and digital media. Previously, Carr spent a decade as a journalist, having served as a producer for both CNN and ABC News's World News Tonight with Peter Jennings. He holds a BA from Northwestern University, an MS from Columbia University, and an MBA from the University of Virginia.