IDEAS home Printed from https://ideas.repec.org/p/wes/weswpa/2019-003.html
   My bibliography  Save this paper

Before the Cult of Equity:New Monthly Indices of the British Share Market, 1829-1929

Author

Listed:
  • Gareth Campbell

    () (Queen’s University Centre for Economic History, Queen’s University Belfast)

  • Richard S.Grossman

    () (Department of Economics, Wesleyan University)

  • John D. Turner

    () (Queen’s University Centre for Economic History, Queen’s University Belfast)

Abstract

This paper presents new monthly capital gains, dividend yield, and total return indices for common equities quoted on British stock exchanges from 1829 to 1929. As well as creating an all-share index, we create a blue-chip index of the 30 largest companies, which we splice to the Financial Times 30 index to create a near-two-century-long (1829-2018) monthly share index. We use the new indices to examine the timing of British business cycles and compare the returns on home and foreign UK investment. We also construct indices for 22 domestic sectors, and calculate CAPM betas for each sector.

Suggested Citation

  • Gareth Campbell & Richard S.Grossman & John D. Turner, 2019. "Before the Cult of Equity:New Monthly Indices of the British Share Market, 1829-1929," Wesleyan Economics Working Papers 2019-003, Wesleyan University, Department of Economics.
  • Handle: RePEc:wes:weswpa:2019-003
    as

    Download full text from publisher

    File URL: http://repec.wesleyan.edu/pdf/rgrossman/2019003_grossman.pdf
    Download Restriction: no

    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wes:weswpa:2019-003. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Manolis Kaparakis). General contact details of provider: http://edirc.repec.org/data/edwesus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.