Riding the South Sea Bubble
研究南海泡沫中一家伦敦银行明知泡沫存在仍投资股票获利的行为，利用每日交易数据证明理性投资者因可预测的投资者情绪而不攻击泡沫，仅在协调事件出现时才行动。
This paper presents a case study of a well-informed investor in the South Sea bubble. We argue that Hoare's Bank, a fledgling West End London bank, knew that a bubble was in progress and nonetheless invested in the stock: it was profitable to “ride the bubble.” Using a unique dataset on daily trades, we show that this sophisticated investor was not constrained by such institutional factors as restrictions on short sales or agency problems. Instead, this study demonstrates that predictable investor sentiment can prevent attacks on a bubble; rational investors may attack only when some coordinating event promotes joint action.