{"id":"https://openalex.org/W7225310200","doi":"https://doi.org/10.31235/osf.io/a93vb_v1","title":"Buying Against the Panic: The 1912 Russian Banking Syndicate and the Limits of Price Intervention","display_name":"Buying Against the Panic: The 1912 Russian Banking Syndicate and the Limits of Price Intervention","publication_year":2026,"publication_date":"2026-11-05","ids":{"openalex":"https://openalex.org/W7225310200","doi":"https://doi.org/10.31235/osf.io/a93vb_v1"},"language":"en","primary_location":{"id":"doi:10.31235/osf.io/a93vb_v1","doi":"https://doi.org/10.31235/osf.io/a93vb_v1","is_oa":false,"landing_page_url":"https://doi.org/10.31235/osf.io/a93vb_v1","pdf_url":null,"source":{"id":"https://openalex.org/S4306401238","display_name":"SocArXiv (OSF Preprints)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2799848540","host_organization_name":"Center for Open Science","host_organization_lineage":["https://openalex.org/I2799848540"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5071383680","display_name":"Ilia Nikolaevich Galushko","orcid":"https://orcid.org/0000-0002-3402-3679","observed_orcids":["https://orcid.org/0000-0002-3402-3679"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Ilya Galushko","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-3402-3679","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5071383680"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9477999806404114,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9477999806404114,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10605","display_name":"Historical Economic and Social Studies","score":0.023900000378489494,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.006000000052154064,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/price-intervention","display_name":"price intervention","score":0.703000009059906},{"id":"https://openalex.org/keywords/balkan-crisis","display_name":"Balkan crisis","score":0.7649999856948853},{"id":"https://openalex.org/keywords/margin-trading","display_name":"margin trading","score":0.6370000243186951},{"id":"https://openalex.org/keywords/industrial-share","display_name":"industrial share","score":0.4320000112056732},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.5839999914169312},{"id":"https://openalex.org/keywords/russian-stock-market","display_name":"Russian stock market","score":0.47099998593330383}],"concepts":[{"id":"https://openalex.org/C2778655473","wikidata":"https://www.wikidata.org/wiki/Q681615","display_name":"Syndicate","level":2,"score":0.8628000020980835},{"id":"https://openalex.org/C774472","wikidata":"https://www.wikidata.org/wiki/Q6760393","display_name":"Margin (machine learning)","level":2,"score":0.6312999725341797},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.6233000159263611},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5374000072479248},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.49900001287460327},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4684999883174896},{"id":"https://openalex.org/C2780665704","wikidata":"https://www.wikidata.org/wiki/Q959298","display_name":"Intervention (counseling)","level":2,"score":0.4277999997138977},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.4237000048160553},{"id":"https://openalex.org/C91302708","wikidata":"https://www.wikidata.org/wiki/Q2732056","display_name":"Ledger","level":2,"score":0.41929998993873596},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.36809998750686646},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.3643999993801117},{"id":"https://openalex.org/C16051113","wikidata":"https://www.wikidata.org/wiki/Q828814","display_name":"Market share","level":2,"score":0.361299991607666},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.3467000126838684},{"id":"https://openalex.org/C112758219","wikidata":"https://www.wikidata.org/wiki/Q16038819","display_name":"Duration (music)","level":2,"score":0.3037000000476837},{"id":"https://openalex.org/C77265313","wikidata":"https://www.wikidata.org/wiki/Q879844","display_name":"Rest (music)","level":2,"score":0.3034999966621399},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.301800012588501},{"id":"https://openalex.org/C54750564","wikidata":"https://www.wikidata.org/wiki/Q26643","display_name":"Commerce","level":1,"score":0.2973000109195709},{"id":"https://openalex.org/C6175523","wikidata":"https://www.wikidata.org/wiki/Q11771027","display_name":"Net interest margin","level":4,"score":0.2890999913215637},{"id":"https://openalex.org/C144929662","wikidata":"https://www.wikidata.org/wiki/Q750178","display_name":"Basis point","level":3,"score":0.28690001368522644},{"id":"https://openalex.org/C48103436","wikidata":"https://www.wikidata.org/wiki/Q599031","display_name":"State (computer science)","level":2,"score":0.2806999981403351},{"id":"https://openalex.org/C2779538965","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Share price","level":3,"score":0.2800999879837036},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.2639999985694885},{"id":"https://openalex.org/C49630185","wikidata":"https://www.wikidata.org/wiki/Q6980675","display_name":"Natural experiment","level":2,"score":0.2606000006198883},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.25780001282691956}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.31235/osf.io/a93vb_v1","doi":"https://doi.org/10.31235/osf.io/a93vb_v1","is_oa":false,"landing_page_url":"https://doi.org/10.31235/osf.io/a93vb_v1","pdf_url":null,"source":{"id":"https://openalex.org/S4306401238","display_name":"SocArXiv (OSF Preprints)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2799848540","host_organization_name":"Center for Open Science","host_organization_lineage":["https://openalex.org/I2799848540"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3109572204","https://openalex.org/W3014615739","https://openalex.org/W7095737626","https://openalex.org/W4413794416","https://openalex.org/W800724574","https://openalex.org/W3127398212","https://openalex.org/W4407080651","https://openalex.org/W6886216327","https://openalex.org/W2162263767","https://openalex.org/W7136716260"],"abstract_inverted_index":{"The":[0,52,226],"Russian":[1],"banking":[2],"syndicate":[3,174],"of":[4,87,90,119,157,204,212],"1912":[5],"was":[6],"designed":[7],"to":[8,42,113,116,126,202],"defend":[9],"eight":[10,53,91],"industrial":[11],"shares":[12,55,75,186],"during":[13],"the":[14,32,37,71,104,117,120,152,161,180,193,205,210,223],"Balkan":[15],"crisis":[16],"with":[17,187],"State":[18],"Bank":[19,163,195],"credit,":[20],"fixed":[21],"purchase":[22,40,182,235],"prices":[23,183],"and":[24,39,46,66,122],"security-specific":[25],"quotas":[26],"worth":[27],"16.845":[28],"million":[29],"rubles":[30],"at":[31],"protocol":[33,38,211],"prices.":[34],"We":[35],"link":[36],"ledgers":[41],"daily":[43],"exchange":[44],"quotations":[45,177],"11,677":[47],"trades":[48],"by":[49,76,84,160],"margin":[50],"clients.":[51],"supported":[54,224],"had":[56,196],"been":[57],"selected":[58],"after":[59,169],"unusually":[60],"severe":[61],"September":[62,68,153],"losses:":[63],"between":[64],"17":[65,136],"29":[67],"they":[69,150],"lagged":[70],"other":[72],"regularly":[73],"quoted":[74],"5.9":[77],"log":[78],"percentage":[79,108],"points,":[80],"a":[81,131,230,245],"gap":[82],"matched":[83],"only":[85],"0.7%":[86],"random":[88],"sets":[89],"shares.":[92,225],"Trend-free":[93],"difference-in-differences":[94],"estimates":[95,105,146],"show":[96,164],"no":[97,165],"lasting":[98],"post-intervention":[99],"advantage.":[100],"Cumulated":[101],"through":[102],"year-end,":[103],"are":[106,147],"\u22124.2":[107],"points":[109,124,137],"(95%":[110],"CI":[111],"\u221217.2":[112],"8.7)":[114],"relative":[115],"rest":[118],"market":[121],"+3.2":[123],"(\u221210.9":[125],"17.3)":[127],"within":[128],"sectors,":[129],"excluding":[130],"large":[132],"gain":[133],"above":[134],"about":[135],"while":[138],"leaving":[139],"moderate":[140],"effects":[141],"possible.":[142],"Comparative":[143],"interrupted":[144],"time-series":[145],"larger":[148,188],"because":[149],"extrapolate":[151],"dip.":[154],"Event":[155],"studies":[156],"purchases":[158,221],"recorded":[159],"Russo-Asiatic":[162,194],"positive":[166],"abnormal":[167],"returns":[168],"either":[170],"state-sponsored":[171],"or":[172],"private":[173],"purchases.":[175],"Transaction":[176],"remained":[178],"near":[179],"prescribed":[181],"mainly":[184],"for":[185],"quotas.":[189],"By":[190],"2":[191],"October,":[192],"bought":[197],"11,445":[198],"Putilov":[199],"shares,":[200],"equivalent":[201],"95.4%":[203],"12,000-share":[206],"quota":[207],"specified":[208],"in":[209],"4":[213],"October.":[214],"Margin":[215],"clients":[216],"did":[217,242],"not":[218,243],"shift":[219],"their":[220],"toward":[222],"evidence":[227],"therefore":[228],"supports":[229],"narrow":[231],"conclusion:":[232],"visible,":[233],"stock-specific":[234],"limits":[236],"could":[237],"absorb":[238],"selling":[239],"temporarily":[240],"but":[241],"leave":[244],"durable":[246],"relative-price":[247],"effect.":[248]},"counts_by_year":[],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2026-11-06T00:00:00"}