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The London Stock Exchange, 1869–1929: new statistics for old?

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  • Leslie Hannah

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 that limit the usefulness of this source.

Suggested Citation

  • Leslie Hannah, 2018. "The London Stock Exchange, 1869–1929: new statistics for old?," Economic History Review, Economic History Society, vol. 71(4), pages 1349-1356, November.
    • Handle: RePEc:bla:ehsrev:v:71:y:2018:i:4:p:1349-1356
    DOI: 10.1111/ehr.12620
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    References listed on IDEAS

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    1. Michie, Ranald, 2001. "The London Stock Exchange: A History," OUP Catalogue, Oxford University Press, number 9780199242559.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Irving Stone, 1999. "The Global Export of Capital from Great Britain, 1865–1914," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-333-98377-5.
    7. 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.
    8. repec:ucp:bkecon:9780226301532 is not listed on IDEAS
    9. 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.
    10. 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.
    11. Grossman, Richard S., 2002. "New Indices Of British Equity Prices, 1870–1913," The Journal of Economic History, Cambridge University Press, vol. 62(1), pages 121-146, March.
    12. Burhop, Carsten & Chambers, David & Cheffins, Brian, 2014. "Regulating IPOs: Evidence from going public in London, 1900–1913," Explorations in Economic History, Elsevier, vol. 51(C), pages 60-76.
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    Cited by:

    1. Dimitris P. Sotiropoulos & Janette Rutterford & Carolyn Keber, 2020. "UK investment trust portfolio strategies before the First World War," Economic History Review, Economic History Society, vol. 73(3), pages 785-814, August.
    2. van Hombeeck, Carlos Eduardo, 2020. "An exorbitant privilege in the first age of international financial integration?," Journal of International Money and Finance, Elsevier, vol. 101(C).
    3. Fjesme, Sturla L. & Galpin, Neal E. & Moore, Lyndon, 2021. "Rejected stock exchange applicants," Journal of Financial Economics, Elsevier, vol. 139(2), pages 502-521.
    4. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2022. "The big bang: Stock market capitalization in the long run," Journal of Financial Economics, Elsevier, vol. 145(2), pages 527-552.
    5. Richard S. Grossman, 2018. "Revising ‘Bloody foreigners!’," Economic History Review, Economic History Society, vol. 71(4), pages 1357-1359, November.
    6. Fjesme, Sturla & Hannah, Leslie & Moore, Lyndon, 2024. "Informed investors, screening, and sorting on the London capital market, 1891-1913," Explorations in Economic History, Elsevier, vol. 91(C).
    7. 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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