Gary Shea Reader in Financial Economics Room S3 Office Hours   Telephone 00 44 (0) 1334 462441 Fax 00 44 (0) 1334 462444 Email gss2@st-andrews.ac.uk Personal page: South Sea Web
About	Gary Shea worked in a financial consultancy firm in Tokyo prior to receiving his Ph.D in 1982 from the University of Washington. After that he joined the International Finance Division at the Board of Governors of the Federal Reserve System in Washington D.C. In 1985 he started his teaching career in the Finance Department at the Pennsylvania State University. In 1992 he joined the Economics Department at the University of Exeter as a Nomura Securities Research Fellow. Since then he has been engaged in a long-term project of early British financial history. The project covers the legal evolution of the corporation financed by tradable securities in Britian in the period 1700-1834. Special topics within the project include the South Sea Bubble and returns and risks processes for equity financing in the late 18th and early 19th centuries. His South Sea Web contains information on this project.
Teaching
Research Interests	Finance, macroeconomics, applied econometrics, Japanese economy, economic history.
Selected Publications	'A comment on Jeffrey Scargle's ChaoticProcesses in Astronomical Data', in Feigelson ED, Jogesh Babu G, (eds.), Statistical Challenges in Modern Astronomy, (Springer-Verlag, Berlin, 1993). 'Benchmarking the Expectations Hypothesis of the Interest Rate Term Structure: An Analysis of Cointegration Vectors', Journal of Business and Economic Statistics, 1993, vol 10. 'Is there Rational or Irrational Managerial Smoothing of Dividends?' Advances in Quantitative Analysis of Finance and Forecasting, 1995, vol 3. 'Financial Market Analysis Can Go Mad (in the search for irrational behaviour during the South Sea Bubble)' Economic History Review, Forthcoming (2007). 'Sir George Caswall vs. the Duke of Portland: Financial Contracts and Litigation in the wake of the South Sea Bubble', in a festschrift volume in honour of Prof Larry Neal upon his retirement, The Evolution of Financial Institutions from the Seventeenth to the Twenty-First Century, Cambridge University Press, forthcoming. 'Understanding financial derivatives during the South Sea Bubble: the case of the South Sea subscription shares', Oxford Economic Papers, Forthcoming.
CDMA Working Papers	0508: 'Financial Market Analysis Can Go Mad (in the search for irrational behaviour during the South Sea Bubble)'. 0512: 'Understanding financial derivatives during the South Sea Bubble: the case of the South Sea subscription shares'. Excel files: 1, 2 0605: 'Sir George Caswall vs. the Duke of Portland: Financial Contracts and Litigation in the wake of the South Sea Bubble'.