Before the cult of equity: the British stock market, 1829–1929

IF 1.2 1区历史学 Q3 ECONOMICS

European Review of Economic History Pub Date : 2021-01-28 DOI:10.1093/EREH/HEAB003

G. Campbell, J. Turner, R. Grossman

引用次数: 6

Abstract

We analyze the development and performance of the British equity market during the era when it reigned supreme as the largest in the world. Using an extensive monthly dataset of thousands of companies, we identify the major peaks and troughs in the market and find a relationship with the timing of economic cycles. We also show that the equity risk premium was modest and, contrary to previous research, domestic and foreign stocks earned similar returns for much of the period. We also document the early dominance of the transport and finance sectors and the subsequent emergence of many new industries.

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在股票狂热之前:1829-1929年的英国股市

我们分析了英国股票市场在世界上最大的时代的发展和表现。利用数千家公司的月度数据集，我们确定了市场的主要高峰和低谷，并找到了与经济周期时间的关系。我们还发现，股票风险溢价并不高，而且与之前的研究相反，在此期间的大部分时间里，国内和外国股票获得了相似的回报。我们还记录了早期交通和金融部门的主导地位以及随后许多新行业的出现。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Review of Economic History Multiple-

CiteScore

2.60

自引率

7.10%

发文量

期刊介绍： European Review of Economic History has established itself as a major outlet for high-quality research in economic history, which is accessible to readers from a variety of different backgrounds. The Review publishes articles on a wide range of topics in European, comparative and world economic history. Contributions shed new light on existing debates, raise new or previously neglected topics and provide fresh perspectives from comparative research. The Review includes full-length articles, shorter articles, notes and comments, debates, survey articles, and review articles. It also publishes notes and announcements from the European Historical Economics Society.