Plane Talk About Deregulation
Will deregulation bode well for the airline industry? What does the stock market tell us?
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Plane Talk About Deregulation offers an insightful exploration of nascent, conservative economic thought that was emerging in the 1980s when numerous industries were deregulated. Many then considered Wall Street to be wise beyond human comprehension. Using the Nobel Prize-winning Capital Asset Pricing Model, Sroub sought to tease out insight from the tea leaves of stock price movements during key deregulatory events. His agile manipulations of the data make for an enjoyable academic read. In the end, the thesis augured a rosy outlook for the airline industry and, by extension, for the world ec...
Plane Talk About Deregulation offers an insightful exploration of nascent, conservative economic thought that was emerging in the 1980s when numerous industries were deregulated. Many then considered Wall Street to be wise beyond human comprehension. Using the Nobel Prize-winning Capital Asset Pricing Model, Sroub sought to tease out insight from the tea leaves of stock price movements during key deregulatory events. His agile manipulations of the data make for an enjoyable academic read. In the end, the thesis augured a rosy outlook for the airline industry and, by extension, for the world economy as a whole. The prodigious economic expansion that followed in the next two decades seems to confirm those conclusions ... Yet viewed from vantage point of the 2020's, one must wonder whether those policy implications were timeless or limited to the challenges of the late 1970s ... and further wonder whether stock market movements are truly a reflection of preternatural wisdom or more a reflection of wild investor mood swings triggered by the revolutionary bravado of the Reagan and Thatcher governments eventually leading to irrational exuberance in markets that were far from efficient.
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