银行创新：上市和非上市股票投资，1850-1934 年比利时总公司的证据

IF 2.6 1区历史学 Q1 ECONOMICS

Explorations in Economic History Pub Date : 2024-05-27 DOI:10.1016/j.eeh.2024.101593

Gertjan Verdickt , Marc Deloof

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引用次数: 0

摘要

比利时兴业银行是世界上第一家通用银行。它还开创了另一项创新：投资非上市股票。我们利用手工收集的数据表明，从 1850 年到 1934 年，该银行获得了显著的正风险调整回报。这抵消了其上市股票投资组合的平淡回报和表现不佳的债券投资组合。其他比利时全能银行也效仿了这一策略。因此，我们认为这一创新为其他金融机构投资上市和非上市资产奠定了基础。

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Banking on innovation: Listed and non-listed equity investing, evidence from société générale de Belgique, 1850–1934

Société Générale de Belgique was the world's first universal bank. It pioneered another innovation: investing in non-listed equity. We use hand-collected data to show that the bank earned significant positive risk-adjusted returns from 1850 to 1934. This offset its flat return on the listed equity portfolio and underperforming bond portfolio. Other Belgian universal banks followed this strategy. As such, we argue that this innovation laid the groundwork for other financial institutions to invest in listed and non-listed assets.

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来源期刊

Explorations in Economic History Multiple-

CiteScore

2.50

自引率

8.70%

发文量

期刊介绍： Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.