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Business Activity and the Boston Stock Market, 1835-1869

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  • Atack, Jeremy
  • Rousseau, Peter L.

Abstract

This paper examines the performance of the Boston stock market, the nation's premier market for industrials, between 1835 and 1869, developing new indexes of price performance, dividend yields and total holding period returns for bank stocks and industrial equities using annual data from Martin (1871). Using these new series and a set of VAR models we conclude that disturbances in the banking sector, as manifested by declines in total stockholder returns, led to increases in short-term lending rates which in turn led to declines in the price performance of traded manufacturing firms. There is no evidence of feedback from manufacturing returns to bank stock prices via lending rates. The findings are consistent with a key role for banks in nineteenth century business fluctuations.

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Bibliographic Info

Article provided by Elsevier in its journal Explorations in Economic History.

Volume (Year): 36 (1999)
Issue (Month): 2 (April)
Pages: 144-179

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Handle: RePEc:eee:exehis:v:36:y:1999:i:2:p:144-179

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Web page: http://www.elsevier.com/locate/inca/622830

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  1. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November.
  2. Banerjee, Anindya & Lumsdaine, Robin L & Stock, James H, 1992. "Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 271-87, July.
  3. Schwert, G William, 1989. "Tests for Unit Roots: A Monte Carlo Investigation," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(2), pages 147-59, April.
  4. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1.
  5. Cason, Timothy N., 1992. "Call market efficiency with simple adaptive learning," Economics Letters, Elsevier, vol. 40(1), pages 27-32, September.
  6. Rousseau, Peter L & Wachtel, Paul, 1998. "Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 657-78, November.
  7. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
  8. Lamoreaux,Naomi R., 1994. "Insider Lending," Cambridge Books, Cambridge University Press, number 9780521460965.
  9. Satterthwaite, Mark A. & Williams, Steven R., 1989. "Bilateral trade with the sealed bid k-double auction: Existence and efficiency," Journal of Economic Theory, Elsevier, vol. 48(1), pages 107-133, June.
  10. Bodenhorn, Howard, 1992. "Capital Mobility and Financial Integration in Antebellum America," The Journal of Economic History, Cambridge University Press, vol. 52(03), pages 585-610, September.
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Cited by:
  1. Eric Hilt, 2014. "Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts," NBER Chapters, in: Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective National Bureau of Economic Research, Inc.
  2. Peter L. Rousseau, 1999. "Share Liquidity and Industrial Growth in an Emerging Market: The Case of New England, 1854-1897," NBER Historical Working Papers 0117, National Bureau of Economic Research, Inc.
  3. Rousseau, Peter L. & Sylla, Richard, 2005. "Emerging financial markets and early US growth," Explorations in Economic History, Elsevier, vol. 42(1), pages 1-26, January.
  4. Annaert, Jan & Buelens, Frans & De Ceuster, Marc J.K., 2012. "New Belgian Stock Market Returns: 1832–1914," Explorations in Economic History, Elsevier, vol. 49(2), pages 189-204.

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