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The rise and decline of the UK's provincial stock markets, 1869-1929

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  • Campbell, Gareth
  • Rogers, Meeghan
  • Turner, John D.

Abstract

The London Stock Exchange was the largest capital market in the world at the beginning of the twentieth century, but Britain also had numerous other stock markets based in provincial cities and towns. This paper provides the first in-depth quantitative assessment of these markets. We find that they were an important source of financing for regional companies up until circa 1900 and our evidence suggests that their post-1900 decline was largely due to the changing characteristics of publicly-listed firms. We also find that the provincial and London markets became increasingly integrated over time.

Suggested Citation

  • Campbell, Gareth & Rogers, Meeghan & Turner, John D., 2016. "The rise and decline of the UK's provincial stock markets, 1869-1929," QUCEH Working Paper Series 2016-03, Queen's University Belfast, Queen's University Centre for Economic History.
  • Handle: RePEc:zbw:qucehw:201603
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    Cited by:

    1. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2020. "The Big Bang: Stock Market Capitalization in the Long Run," CEPR Discussion Papers 14468, C.E.P.R. Discussion Papers.

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    More about this item

    Keywords

    capital market; provincial stock exchanges; integration; cross listing;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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