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Bloody foreigners! Overseas equity on the London Stock Exchange, 1869–1929

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  • Richard S. Grossman

Abstract

type="main"> This article presents data on quantity, capital gains, dividend yields, and total returns of domestic and overseas equities listed on the London Stock Exchange during 1869–1929. Indices are presented for Africa, Asia, Australia (including New Zealand), Europe, Latin America, and North America (as well as for the UK), and for the finance, transportation, raw materials, and utilities sectors in each region. Returns and volatility were typically highest in emerging regions and the raw materials sector. Dividend yields were similar across regions and differences in total returns were due largely to disparities in capital gains. Contingent liability was most extensively employed where leverage was high and the physical assets were either meagre or inaccessible to creditors.

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  • Richard S. Grossman, 2015. "Bloody foreigners! Overseas equity on the London Stock Exchange, 1869–1929," Economic History Review, Economic History Society, vol. 68(2), pages 471-521, May.
  • Handle: RePEc:bla:ehsrev:v:68:y:2015:i:2:p:471-521
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    File URL: http://hdl.handle.net/10.1111/ehr.12075
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    Cited by:

    1. Jorda, Oscar & Knoll, Katharina & Kuvshinov, Dmitry & Schularick, Moritz & Taylor, Alan M., 2017. "The Rate of Return on Everything, 1870–2015," Working Paper Series 2017-25, Federal Reserve Bank of San Francisco.
    2. Grossman, Richard, 2017. "Stocks for the Long Run: New Monthly Indices of British Equities, 1869-1929," CEPR Discussion Papers 12121, C.E.P.R. Discussion Papers.
    3. Acheson, Graeme G. & Coyle, Christopher & Jordan, David P. & Turner, John D., 2018. "Share trading activity and the rise of the rentier in the UK before 1920," QUCEH Working Paper Series 2018-04, Queen's University Belfast, Queen's University Centre for Economic History.
    4. Grossman, Richard, 2017. "Beresford's Revenge: British equity holdings in Latin America, 1869-1929," CEPR Discussion Papers 12042, C.E.P.R. Discussion Papers.
    5. Campbell, Gareth & Rogers, Meeghan & Turner, John D., 2016. "The rise and decline of the UK's provincial stock markets, 1869-1929," QUCEH Working Paper Series 2016-03, Queen's University Belfast, Queen's University Centre for Economic History.

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