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Beresford’s Revenge: British equity holdings in Latin America, 1869-1929

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  • Richard S.Grossman

    ()

    (Department of Economics, Wesleyan University)

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    Abstract

    This paper presents monthly capital gain, dividend yield, and total return indices, and measures of total capitalization for common equity of Latin American and Caribbean-based firms quoted on the London Stock Exchange during 1869-1929. In addition to an overall Latin American index, I present and analyze sub-indices for countries (e.g., Argentina, Brazil, Chile) and industrial sectors (e.g., banks, mines, railways) with extensive UK listings. I compare the Latin American and Argentinian indices with data from Argentina’s Bolsa index during 1900-1929. I also use the indices to compare equity market fluctuations across Latin American sectors and countries during the Baring crisis of 1890.

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    File URL: http://repec.wesleyan.edu/pdf/rgrossman/2017003_grossman.pdf
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    Paper provided by Wesleyan University, Department of Economics in its series Wesleyan Economics Working Papers with number 2017-003.

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    Length: 38 pages
    Date of creation: May 2017
    Handle: RePEc:wes:weswpa:2017-003
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    Web page: http://www.wesleyan.edu/econ/

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    3. William N. Goetzmann & Andrey D. Ukhov, 2006. "British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach," Review of Finance, European Finance Association, vol. 10(2), pages 261-300.
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    6. Triner, Gail D. & Wandschneider, Kirsten, 2005. "The Baring Crisis and the Brazilian Encilhamento, 1889 1891: An Early Example of Contagion Among Emerging Capital Markets," Financial History Review, Cambridge University Press, vol. 12(02), pages 199-225, October.
    7. Le Bris, David & Hautcœur, Pierre-Cyrille, 2010. "A challenge to triumphant optimists? A blue chips index for the Paris stock exchange, 1854–2007," Financial History Review, Cambridge University Press, vol. 17(02), pages 141-183, October.
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    14. Richard S. Grossman & Masami Imai, 2013. "Contingent capital and bank risk-taking among British banks before the First World War," Economic History Review, Economic History Society, vol. 66(1), pages 132-155, 02.
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    Cited by:

    1. Richard S.Grossman, 2017. "Stocks for the Long Run: New Monthly Indices of British Equities, 1869-1929," Wesleyan Economics Working Papers 2017-004, Wesleyan University, Department of Economics.
    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.

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