IDEAS home Printed from https://ideas.repec.org/a/cai/refaef/ecofi_104_0051.html
   My bibliography  Save this article

Les marchés financiers : péril ou opportunité pour l'industrie ? Quelques enseignements d'un épisode oublié de l'histoire de la Bourse de Paris

Author

Listed:
  • Pierre-Cyrille Hautcœur

Abstract

This article analyses the history of the relationship between manufacturing industries and financial markets in 19th century France. It shows that most industries didn?t want to get financed by issuing new securities on stock markets, except in the few sectors where initial investments were very important. Progressively, shareholders requiring more liquidity for their portfolios obtain the listing of more firms. They face a market structure that does not satisfy them: the official Paris market ? the Parquet ? is not very open to manufacturing firms? securities; provincial stock exchanges are little liquid; the Paris semi-illegal market ? the Coulisse ? appears too risky for prudent entrepreneurs. The reforms of the Parisian financial centre between 1893 and 1898 contribute to solving this dilemma by providing a safe and active market open to manufacturing shares. Classification JEL: G14, G18, G24, N13, N23, N43.

Suggested Citation

  • Pierre-Cyrille Hautcœur, 2011. "Les marchés financiers : péril ou opportunité pour l'industrie ? Quelques enseignements d'un épisode oublié de l'histoire de la Bourse de Paris," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 51-70.
    • Handle: RePEc:cai:refaef:ecofi_104_0051
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_104_0051
    Download Restriction: free
    File URL: http://www.cairn.info/revue-d-economie-financiere-2011-4-page-51.htm
    Download Restriction: free
    ---><---

    Other versions of this item:

    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-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:cai:refaef:ecofi_104_0051. See general information about how to correct material in RePEc.

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-d-economie-financiere.htm .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.