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The development of the British equity market, 1825-1870

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Investigators: Charles Hickson and John Turner
Researchers: Graeme Acheson and Qing Ye 
Funded by: The Economic and Social Research Council

Project description: Academics and policymakers are increasingly looking to history in order to understand the behaviour of financial markets. We believe that the development of the equity market has many important lessons for policymakers as well as economists and historians. This project, funded by the ESRC, seeks to build on our previous work on nineteenth-century financial institutions and markets, which focuses on the market for shares, limited liability, the corporate form and governance. The aim of this project is to construct a comprehensive dataset of British equity prices for the period 1825-70. 

Outputs to date:

  • Qing Ye and John D. Turner (June 2014), 'The Cross-Section of Stock Returns in an Early Stock Market', QUCEH Working Paper No. 14-05.
  • Acheson, G. G., Hickson, C. R., Turner, J. D. and Ye, Q (2009), 'Rule Britannia!: British Stock Market Returns, 1825-70', The Journal of Economic History, Vol. 69, p. 1106-1136.
  • Acheson, G. G. and Turner, J. D. (2011), 'Shareholder Liability, Risk Aversion and Investment Returns in Nineteenth-century British Banking', in David R. Green et al (editors), Men, Women and Money: Perspectives on Gender, Wealth, and Investment 1850-1930 (Oxford, Oxford University Press).
  • Hickson, C. R., Turner, J. D. and Ye, Q. (2011), 'The Rate of Return on Equity Capital Across Industrial Sectors on the British Stock Market, 1825-70', Economic History Review, Vol. 64, No. 4, pp. 1218-1241. 
  • Turner, J. D. and Zhan, W. (2012), 'Property Rights and Competing for the Affections of Demos: The Impact of the 1867 Reform Act on Stock Prices', Public Choice, Vol. 150, No. 3-4, pp. 609-631.
  • Acheson, G. G., Turner, J. D. and Ye, Q. (2012), 'The Character and Denomination of Shares in the Victorian Equity Market', Economic History Review Vol. 65, No. 3, pp. 862-886.
Dataset: 
The market and sectoral indices of returns can be obtained from the Economic and Social Data Service. If you encounter problems obtaining this data, please contact John Turner.  
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