Staff

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.

Finance, macroeconomics, applied econometrics, Japanese economy, economic history.

• (2009) "Sir George Caswall vs. the Duke of Portland: Financial Contracts and Litigation in the wake of the South Sea Bubble", forthcoming in Jeremy Atack and Larry Neal (eds.), The Origins and Development of Financial Markets and Institutions, Cambridge University Press. (publisher, paper in RePEc)
• (2007) "Understanding financial derivatives during the South Sea Bubble: the case of the South Sea subscription shares", Oxford Economic Papers, vol. 59, pages i73-i104, October; doi:10.1093/oep/gpm031.
• (2007) "Financial Market Analysis Can Go Mad (in the search for irrational behaviour during the South Sea Bubble)", Economic History Review, vol. 60(4), pages 742-65, Nov.; doi:10.1111/j.1468-0289.2007.00379.x.

• "Arbitrage and Simple Financial Market Efficiency during the South Sea Bubble: A Comparative Study of the Royal African and South Sea Companies Subscription Share Issues." RePEc

• Shell Foundation: Private Sector Finance and the Support of Infrastructure as a Source of Growth
• British Academy: Early British Finance