Yale ICF

Examining how global imbalances can give rise to power imbalances, as illustrated by the Suez Crisis, from @chris_d_clayton, @m_maggiori, and @jschreger nber.org/papers/w34717

From the Origins of Value Virtual Museum: A voyage receipt for sixty francs. Paris, dated 1931. bit.ly/4qN18a5 #ICF_FinancialHistoryFriday

Wishing you all a wonderful holiday season and happy New Year!

From the Origins of Value Virtual Museum: Societe des Coptoires d'importation et d'Exploration Congo Cameroun, share certificate, 1928. bit.ly/48LjAZe #ICF_FinancialHistoryFriday

I am pleased to share that I successfully enrolled in and completed the iFAB Executive Education – Frontiers in Finance programme 2025, organized by First Abu Dhabi Bank (FAB) in collaboration with the Yale School of Management. @YaleICF

From the Origins of Value Virtual Museum: Compania Salitrera de Tarapaca y Antofagasta of Chile, share certificate, 1934. bit.ly/3X6eKAk #ICF_FinancialHistoryFriday

From the Origins of Value Virtual Museum: Strand Bridge share issued to John Colegate, December 1809. Built in 1811 - 1813, it was considered to be the largest and most beautiful bridge over the River Thames. bit.ly/47x5zOb #ICF_FinancialHistoryFriday

From the Origins of Value Virtual Museum: Moscow-Kazan Rail Road Company 4% bond for 2000 German imperial marks to the person who presents this. Issued 1901. bit.ly/3WBfNrQ #ICF_FinancialHistoryFriday

From the Origins of Value Virtual Museum: Romanian domestic loan for 3% consolidation with coupons, 1935. No. 242914. bit.ly/47jGfwr #ICF_FinancialHistoryFriday

Procyclical stocks, those whose cash flows rise with expected economic growth, earn higher average returns than countercyclical stocks, from @WGoetzmann, Akiko Watanabe, and Masahiro Watanabe nber.org/papers/w34402

From the Origins of Value Virtual Museum: American Sugar Company cumulative preferred shares, 1967. bit.ly/3Jg46nw #ICF_FinancialHistoryFriday

From the Origins of Value Virtual Museum: Founded in 1798, Banque Territoriale issued bonds backed by farmland. It failed and dissolved 5 years later. Share #2367 cost 1000 francs, with semiannual interest starting Sept 23, 1801. bit.ly/3VWkJau #FinancialHistoryFriday

Are we due for another financial bubble? Since 1790, true bubbles have occurred in <0.5% of five-year periods. Yet investors constantly overestimate crash risk. Learn more from Prof. @WGoetzmann's latest article in @WSJ: on.wsj.com/4pOPonB.

From the Origins of Value Virtual Museum: Kingdom of Yugoslavia International Gold Bond at 7% in 1931 stabilization. Payable as a bearer bond for 1,000 French Francs. No. 237,381. bit.ly/48flPW2 #ICF_FinancialHistoryFriday

From the Origins of Value Virtual Museum: Sevilla Jerez Cadiz Railway Company Share Certificate, 1857. This share certificate was used to raise capital for building and operating a railway line between Seville, Jerez, and Cádiz. bit.ly/4mP9igt #ICF_FinancialHistoryFriday

Program announced for the 2025 Yale Real Estate Conference @YaleSOM on October 24! Register today for early bird pricing. som.yale.edu/event/2025/10/…

From the Origins of Value Virtual Museum: Japanese stock certificate from the 20th century, issued by a silk manufacturing company (Joso Seishi Co. Ltd.). bit.ly/45ICBtO #ICF_FinancialHistoryFriday

From the Origins of Value Virtual Museum: Zhen-Yu Land Company share certificate. Documents like this were legally binding proof of investment and shareholding in a corporation. bit.ly/3UN2zXT #ICF_FinancialHistoryFriday

Professor Bryan Kelly kicks off the first SoFiE Financial Machine Learning Summer School at Yale. The ICF is honored to host this week-long program featuring lectures and new research from experts in the field. som.yale.edu/sofie-financia… @SoFiE_News @YaleSOM

From the Origins of Value Virtual Museum: Portugal Foreign Debt Certificate #1402. Certificate of claim issued in Amsterdam in 1892 by the Association for Securities Trading. bit.ly/4o4YZ8X #ICF_FinancialHistoryFriday