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Learning and the Creation of Stock-Market Institutions: Evidence from the Royal African and Hudson's Bay Companies, 1670–1700

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  • Carlos, Ann M.
  • Key, Jennifer
  • Dupree, Jill L.

Abstract

In this article we use a unique source—a 30-year time series of the share transactions of two joint-stock companies—to examine the growth of the London capital market prior to and immediately after the Glorious Revolution. We argue that the London experience with open capital markets was not solely the result of 1689. Rather it was the learning by private individuals and goldsmith bankers which took place in the decades before 1689 that allowed the market to take full advantage of the property rights changes which occurred with the change in regimes.

Suggested Citation

  • Carlos, Ann M. & Key, Jennifer & Dupree, Jill L., 1998. "Learning and the Creation of Stock-Market Institutions: Evidence from the Royal African and Hudson's Bay Companies, 1670–1700," The Journal of Economic History, Cambridge University Press, vol. 58(2), pages 318-344, June.
    • Handle: RePEc:cup:jechis:v:58:y:1998:i:02:p:318-344_02
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    Cited by:

    1. Andrianova, Svetlana & Demetriades, Panicos & Xu, Chenggang, 2011. "Political Economy Origins of Financial Markets in Europe and Asia," World Development, Elsevier, vol. 39(5), pages 686-699, May.
    2. Carlos, Ann M. & Moyen, Nathalie & Hill, Jonathan, 2002. "Royal African Company Share Prices during the South Sea Bubble," Explorations in Economic History, Elsevier, vol. 39(1), pages 61-87, January.
    3. Anne L. Murphy, 2009. "Trading options before Black‐Scholes: a study of the market in late seventeenth‐century London1," Economic History Review, Economic History Society, vol. 62(s1), pages 8-30, August.
    4. Ann M. Carlos & Erin Fletcher & Larry Neal, 2015. "Share portfolios in the early years of financial capitalism: London, 1690–1730," Economic History Review, Economic History Society, vol. 68(2), pages 574-599, May.
    5. Stephen Quinn, 2001. "Finance and Capital Markets," Working Papers 200103, Texas Christian University, Department of Economics.
    6. Carlos, Ann M. & Fletcher, Erin & Neal, Larry, 2012. "Share Portfolios and Risk Management in the Early Years of Financial Capitalism: London 1690-1730," CEI Working Paper Series 2012-12, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    7. Jha, Saumitra, 2008. "Shares, Coalition Formation and Political Development: Evidence from Seventeenth Century England," Research Papers 2005, Stanford University, Graduate School of Business.

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