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The London Stock Exchange 1869-1929: new bloody statistics for old?

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  • Hannah, Leslie

Abstract

Newly-assembled datasets on the size and composition of the London Stock Exchange present some results contradicting conventional wisdom. A forensic examination of one study of corporate equities in the Investor’s Monthly Manual between 1869 and 1929 suggests both idiosyncratic mistakes and generic biases which users of this source need to consider.

Suggested Citation

  • Hannah, Leslie, 2017. "The London Stock Exchange 1869-1929: new bloody statistics for old?," Economic History Working Papers 82404, London School of Economics and Political Science, Department of Economic History.
    • Handle: RePEc:ehl:wpaper:82404
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    File URL: http://eprints.lse.ac.uk/82404/
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    References listed on IDEAS

    as
    1. Coyle, Christopher & Turner, John D., 2013. "Law, Politics, and Financial Development: The Great Reversal of the U.K. Corporate Debt Market," The Journal of Economic History, Cambridge University Press, vol. 73(3), pages 810-846, September.
    2. Annaert, Jan & Buelens, Frans & Cuyvers, Ludo & De Ceuster, Marc & Deloof, Marc & De Schepper, Ann, 2011. "Are blue chip stock market indices good proxies for all-shares market indices? The case of the Brussels Stock Exchange 1833–20051," Financial History Review, Cambridge University Press, vol. 18(3), pages 277-308, December.
    3. repec:ucp:bkecon:9780226301532 is not listed on IDEAS
    4. Leslie Hannah, 2015. "Rethinking Corporate Finance Fables: Did the US Lag Europe before 1914?," CIRJE F-Series CIRJE-F-994, CIRJE, Faculty of Economics, University of Tokyo.
    5. James Foreman-Peck & Leslie Hannah, 2012. "Extreme divorce: the managerial revolution in UK companies before 1914-super-1," Economic History Review, Economic History Society, vol. 65(4), pages 1217-1238, November.
    6. 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.
    7. Michie, Ranald, 2001. "The London Stock Exchange: A History," OUP Catalogue, Oxford University Press, number 9780199242559, Decembrie.
    8. Leslie Hannah, 2007. "Pioneering Modern Corporate Governance: a View from London in 1900," CIRJE F-Series CIRJE-F-487, CIRJE, Faculty of Economics, University of Tokyo.
    9. Rajan, Raghuram G. & Zingales, Luigi, 2003. "The great reversals: the politics of financial development in the twentieth century," Journal of Financial Economics, Elsevier, vol. 69(1), pages 5-50, July.
    10. 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.
    11. Kevin H. O'Rourke & Jeffrey G. Williamson, 2001. "Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650592, December.
    12. Irving Stone, 1999. "The Global Export of Capital from Great Britain, 1865–1914," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-333-98377-5, December.
    13. Hannah, Leslie, 2007. "Pioneering Modern Corporate Governance: A View from London in 1900," Enterprise & Society, Cambridge University Press, vol. 8(3), pages 642-686, September.
    14. Foreman-Peck, James & Hannah, Leslie, 2011. "Extreme Divorce: the Managerial Revolution in UK Companies before 1914," Cardiff Economics Working Papers E2011/21, Cardiff University, Cardiff Business School, Economics Section.
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    Cited by:

    1. Marcuzzo, Maria Cristina & Sanfilippo, Eleonora, 2022. "Keynes's personal investments in the London Stock Exchange and his views on the transformation of the British economy," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 512-526.
    2. Jansson, Walter, 2018. "Stock markets, banks and economic growth in the UK, 1850–1913," Financial History Review, Cambridge University Press, vol. 25(3), pages 263-296, December.

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    More about this item

    Keywords

    London Stock Exchange; provincial exchanges; junior market; Investor's Monthly Manual; securities; equities; Walter Bagehot;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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