Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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The Price-to-Book Lag Table
Last Thursday, I printed a price-to-book league table; I thought it would be interesting to see how it has changed, two full trading days later. But as I click around the internet from WSJ.com to Reuters to Yahoo, they all tell me that Bear Stearns is trading on a price-to-book ratio of 0.3 or higher, which is clearly false given that the shares are below $5 and the book value is above $80.
It seems that price-to-book statistics aren't dynamically updated with price information, even two hours after the market has closed. Weird. And so my league table from last week must be suspect too, now - I didn't double-check the numbers. Sorry. I just assumed in the era of the internet that all these things are automatic; do they really have a person somewhere who manually updates these things every day?
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