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A monthly stock exchange index for Ireland, 1864–1930

Author

Listed:
  • Richard S. Grossman
  • Ronan C. Lyons
  • Kevin Hjortshøj O'rourke
  • Madalina A. Ursu

Abstract

This paper constructs new monthly Irish stock market price indices for 1864–1930. In addition to a total market index covering 118 equity securities issued by ninety-four companies, sectoral indices are presented for railways, financial services companies, and "other" companies. Nominal equity prices doubled between 1864 and 1898. Between the turn of the century and 1914, prices fell by 25 percent, in contrast to the price increases experienced on the London exchange. Overall, the average annual gain in equity prices over the period was just 0.9 percent. We speculate about the respective roles of Irish politics and international shocks in driving these trends.

Suggested Citation

  • Richard S. Grossman & Ronan C. Lyons & Kevin Hjortshøj O'rourke & Madalina A. Ursu, 2014. "A monthly stock exchange index for Ireland, 1864–1930," European Review of Economic History, European Historical Economics Society, vol. 18(3), pages 248-276.
    • Handle: RePEc:oup:ereveh:v:18:y:2014:i:3:p:248-276.
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    File URL: http://hdl.handle.net/10.1093/ereh/heu010
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    References listed on IDEAS

    as
    1. Edward Hope & Brian Lucey, 2007. "Daily seasonality in 19th century stocks -- some evidence from the Dublin stock exchange," Applied Economics Letters, Taylor & Francis Journals, vol. 14(4), pages 277-282.
    2. Robert J. Barro & Jose F. Ursua, 2008. "Macroeconomic Crises since 1870," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(1 (Spring), pages 255-350.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. And now for something a bit more academic
      by Richard S. Grossman in Unsettled Account on 2014-01-20 08:04:35

    Citations

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    Cited by:

    1. Fredrik N G Andersson & Jason Lennard, 2019. "Irish GDP between the Famine and the First World War: estimates based on a dynamic factor model," European Review of Economic History, European Historical Economics Society, vol. 23(1), pages 50-71.
    2. Seán Kenny & Jason Lennard & Kevin Hjortshøj O'Rourke, 2023. "An annual index of Irish industrial production, 1800–1913," Economic History Review, Economic History Society, vol. 76(1), pages 283-304, February.
    3. Seán Kenny & Jason Lennard, 2018. "Monetary aggregates for Ireland, 1840–1921," Economic History Review, Economic History Society, vol. 71(4), pages 1249-1269, November.
    4. Kenny, Seán & Lennard, Jason & Hjortshøj O’Rourke, Kevin, 2020. "An Annual Index of Irish Industrial Production, 1800-1921," Lund Papers in Economic History 215, Lund University, Department of Economic History.
    5. Adams, R. J. C. & Campbell, Gareth & Coyle, Christopher & Turner, John D., 2022. "The wee divergence: Business creation and political turmoil in Ireland before 1900," QUCEH Working Paper Series 22-01, Queen's University Belfast, Queen's University Centre for Economic History.
    6. Nathan Foley-Fisher & Eoin McLaughlin, 2014. "State dissolution, sovereign debt and default:Lessons from the UK and Ireland, 1920-1938," Working Papers 0061, European Historical Economics Society (EHES).
    7. Rebecca Stuart, 2022. "Stock Return Predictability before the First World War," IRENE Working Papers 22-02, IRENE Institute of Economic Research.
    8. McLaughlin, Eoin & Foley-Fisher, Nathan, 2013. "Irish Land Bonds: 1891-1938," SIRE Discussion Papers 2013-109, Scottish Institute for Research in Economics (SIRE).
    9. Rebecca Stuart, 2024. "Measuring stock market integration during the Gold Standard," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 18(1), pages 191-220, January.
    10. Foley-Fisher, Nathan & McLaughlin, Eoin, 2016. "Sovereign debt guarantees and default: Lessons from the UK and Ireland, 1920–1938," European Economic Review, Elsevier, vol. 87(C), pages 272-286.
    11. repec:ehl:wpaper:107427 is not listed on IDEAS
    12. Hannah, Leslie, 2017. "The London Stock Exchange 1869-1929: new bloody statistics for old?," LSE Research Online Documents on Economics 82404, London School of Economics and Political Science, LSE Library.
    13. Seán Kenny & Jason Lennard & Kevin Hjortshøj O’Rourke, 2020. "An annual index of Irish industrial production, 1800-1921," Oxford Economic and Social History Working Papers _185, University of Oxford, Department of Economics.
    14. repec:ehl:wpaper:82404 is not listed on IDEAS
    15. Leslie Hannah, 2018. "The London Stock Exchange, 1869–1929: new statistics for old?," Economic History Review, Economic History Society, vol. 71(4), pages 1349-1356, November.

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    More about this item

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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