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A monthly stock exchange index for Ireland, 1864–1930

Author Info

Listed author(s):
  • 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.

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File URL: http://hdl.handle.net/10.1093/ereh/heu010
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Article provided by Oxford University Press in its journal European Review of Economic History.

Volume (Year): 18 (2014)
Issue (Month): 3 ()
Pages: 248-276

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Handle: RePEc:oup:ereveh:v:18:y:2014:i:3:p:248-276.
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Find related papers by 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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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 02:04:35
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Cited by:

  1. 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.
  2. Nathan Foley-Fisher & Eoin McLaughlin, 2013. "Irish Land Bonds: 1891-1938," ESE Discussion Papers 239, Edinburgh School of Economics, University of Edinburgh.
  3. Andersson, Fredrik N. G. & Lennard, Jason, 2016. "Irish GDP between the Famine and the First World War: Estimates Based on a Dynamic Factor Model," Working Papers 2016:13, Lund University, Department of Economics, revised 13 Apr 2017.
  4. Foley-Fisher, Nathan & McLaughlin, Eoin, 2014. "State dissolution, sovereign debt and default: Lessons from the UK and Ireland, 1920-1938," QUCEH Working Paper Series 14-06, Queen's University Belfast, Queen's University Centre for Economic History.

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