Financial market analysis can go mad (in the search for irrational behaviour during the South Sea Bubble)1
本文通过考察南海公司认购融资的法律和政治历史，发现认购合同内含违约期权，人们理解其机制，且股价数据支持理性行为，因此认为此前发表在该期刊上的分析存在根本性缺陷。
An investigation into the legal and political history of South Sea Company subscription finance shows that the subscription contracts had default options built into them, as was typically the case in eighteenth‐century subscription financing. Company records and contemporary pamphlet literature show that people understood the subscription finance mechanics that were stated in law. A fair presentation of South Sea share value data also supports this view. We thus conclude that the analyses published in this journal by Dale, Johnson, and Tang were irretrievably flawed and present a substantially incorrect history of the markets for South Sea shares.