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From Complementary to Competitive: The London and U.K. Provincial Stock Markets

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

Abstract

For many decades, there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition, leading to more companies being headquartered and listed in the capital and many of the remaining regional firms cross-listing in London to achieve certification.

Suggested Citation

  • Rogers, Meeghan & Campbell, Gareth & Turner, John, 2020. "From Complementary to Competitive: The London and U.K. Provincial Stock Markets," The Journal of Economic History, Cambridge University Press, vol. 80(2), pages 501-530, June.
    • Handle: RePEc:cup:jechis:v:80:y:2020:i:2:p:501-530_6
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    Cited by:

    1. Quinn, William & Turner, John D., 2021. "Riding the bubble or taken for a ride? Investors in the British bicycle mania," QUCEH Working Paper Series 21-07, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Turner, John D., 2024. "Three centuries of corporate governance in the UK," QUCEH Working Paper Series 24-01, Queen's University Belfast, Queen's University Centre for Economic History.
    3. Quinn, William & Turner, John D., 2021. "Riding the Bubble or Taken for a Ride? Investors in the British Bicycle Mania," QBS Working Paper Series 2021/08, Queen's University Belfast, Queen's Business School.
    4. 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).

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